Hamet Watt, co-founder of MoviePass, is stepping away from the company’s notable downfall to establish a new venture studio aimed at supporting the development and funding of startups.
Watt co-founded MoviePass in 2011, introducing a subscription model that allowed moviegoers unlimited access to theaters for a monthly fee. He has since been focusing on his new company, Share Ventures, which has raised nearly $20 million from investors including Alphabet and Amazon. The venture is primarily targeting innovations in the future of work and health longevity.
Watt noted that the current landscape, marked by the AI surge and high interest rates, has created an opportunity for a distinctive approach in venture capital. Share Ventures plans to develop its own software and advanced language models to streamline its internal processes. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” he explained, emphasizing the potential advantages of building companies from the ground up with cutting-edge tools.
According to Watt, many venture firms invest in new technologies but do not fully integrate or utilize them in their operations. He believes that leveraging innovative data and automation sets Share Ventures apart from others in the field.
Watt’s interest in health and longevity was deeply influenced by personal experience, having lost his mother when he was just 25 years old. This loss prompted him to reflect on his own mortality at an earlier age than many might consider.
Reflecting on his experience with MoviePass, which he recently elaborated on in the documentary “MoviePass, MovieCrash,” Watt expressed a determination to continue innovating despite past setbacks. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he remarked.