The co-founder of MoviePass, Hamet Watt, is moving on from the company’s notable failure and is now focused on establishing a new venture studio aimed at supporting and funding startups.
Watt, who launched MoviePass in 2011 with the concept of offering unlimited access to theaters for a monthly fee, is now hard at work at Share Ventures, which has already attracted nearly $20 million in funding from investors including Alphabet and Amazon. The new venture will concentrate on startups in the areas of future work and longevity.
Watt believes the current landscape of venture capital, influenced by the AI surge and high interest rates, is ripe for a unique approach. Share Ventures plans to develop its own software and sophisticated language models to streamline its internal operations. He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This strategy allows them to build companies from the ground up while utilizing advanced tools efficiently.
He noted that while many venture firms are investing in new technologies, they are not fully leveraging or incorporating these innovations into their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” Watt commented.
Watt’s personal experience with loss deeply motivated his interest in health and longevity, having lost his mother at the age of 25. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Despite the failure of MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt remains determined to pursue innovation and growth. He expressed his resolve with the mindset of learning from past experiences and being willing to take risks for potential success.