The co-founder of MoviePass is embarking on a new journey after the company’s notable downfall, as he raises funds for a new venture studio dedicated to developing and supporting startups.
Hamet Watt, who co-founded MoviePass in 2011 with the vision of allowing movie enthusiasts to pay a monthly fee for unlimited theater access, shared his latest efforts with Business Insider. He is heavily involved with Share Ventures, which has already attracted nearly $20 million in funding from investors including Alphabet and Amazon. This new venture aims to target startups focused on the future of work and longevity.
Watt believes that the current landscape, influenced by the AI boom and rising interest rates, has created an environment conducive to a unique investment model. Share Ventures is developing its own software and intricate language models to streamline its 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,” emphasizing the advantages of building companies from the ground up with cutting-edge tools.
He pointed out that many venture firms are investing in emerging technologies but are not fully utilizing them in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s interest in health and longevity emerged from a personal tragedy; he lost his mother at just 25 years old, a loss that deeply impacted his perspective on life and mortality. Reflecting on this experience, he remarked, “When you lose your mom at a young age, it forces you to think about your own mortality.”
Despite the setbacks he faced with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt’s experiences have only fueled his determination to innovate. He expressed a desire to learn from past failures, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”