The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s downfall and is now working on a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011, had envisioned a subscription model allowing moviegoers unrestricted access to theaters. He recently shared his plans for a new company, Share Ventures, which has raised nearly $20 million in funding from investors including Alphabet and Amazon. The focus of Share Ventures will be on startups within the realms of future work and longevity.
He believes that the current climate, impacted by an AI surge and increased interest rates, has created an opportunity for a unique approach in venture capital. Watt stated that Share Ventures is developing its own software and complex language models to enhance internal operations, allowing for earlier identification of opportunities with less capital invested.
Watt remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This strategy will enable his team to build companies from the ground up using cutting-edge tools.
He highlighted that while many venture firms are investing in emerging technologies, they often do not fully integrate these technologies into their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he said.
Watt’s personal experiences have greatly influenced his interests; after losing his mother at a young age, he has become drawn to health and longevity initiatives. He reflected, “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time.”
Despite his previous setbacks with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt remains determined to innovate and explore new opportunities. He concluded, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”