Hamet Watt, co-founder of MoviePass, is transitioning from the company’s notable decline to launch a new venture studio aimed at developing and funding startups. Watt co-founded MoviePass in 2011 with the vision of allowing moviegoers to pay a monthly fee for unlimited theater access. He recently shared with Business Insider that he has been diligently focused on his new company, Share Ventures.
Share Ventures has successfully raised nearly $20 million in funding, with investments from prominent backers including Alphabet and Amazon. The new venture aims to concentrate on startups in sectors related to the future of work and longevity.
Watt believes that the current environment, influenced by the rise of AI and elevated interest rates, presents an opportunity for a distinct venture capital model. He explained that Share Ventures plans to develop its own software and complex language models to enhance internal operations. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt noted, highlighting that this approach is beneficial as they aim to build companies from the ground up using advanced tools.
He expressed concern that while many venture firms are investing in emerging technologies, they often do not fully utilize them in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
Watt’s interest in health and longevity was sparked by a personal tragedy; he lost his mother at the age of 25 when she was just 49 years old. 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 the challenges he faced with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to continue innovating. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he stated.