The co-founder of MoviePass is moving on from the company’s notable downfall and is now focusing on a new venture studio aimed at developing and funding startups.
Hamet Watt, who co-founded MoviePass in 2011 with the innovative concept of a subscription service for unlimited movie theater access, recently spoke to Business Insider about his latest endeavor, Share Ventures. This new company has attracted nearly $20 million in funding, with significant backing from Alphabet and Amazon. Watt revealed that Share Ventures is concentrating on startups related to the future of work and longevity.
Watt noted that the current landscape, marked by an AI boom and elevated interest rates, presents an opportunity for a distinct venture capital model. Share Ventures plans to develop its own software and integrate advanced language models to streamline its internal processes. He emphasized that lesser capital can now yield early insights into investment opportunities, which aligns with their strategy of building companies from the ground up using cutting-edge tools.
He pointed out that many venture firms are investing in new technologies but fail to fully leverage them in their operations. Watt believes that utilizing unique data and automation in their approach sets them apart.
His interest in health and longevity was sparked by the early loss of his mother at the age of 25, an event that deeply affected his perspective on life and mortality.
Reflecting on his experience with MoviePass, which is the subject of the documentary “MoviePass, MovieCrash,” Watt expressed a desire to continue innovating despite past failures. He remains motivated by the lessons learned and the courage to try new ventures, regardless of the possibility of failure.