The co-founder of MoviePass is transitioning from the company’s notable downfall to focus on a new venture studio aimed at developing and funding startups.
Hamet Watt, who launched MoviePass in 2011 with the premise of offering moviegoers unlimited access to theaters for a monthly fee, has been diligently working on Share Ventures. This new company has successfully raised nearly $20 million, attracting investment from major players like Alphabet and Amazon. Watt explained that Share Ventures will concentrate on startups in the realms of future work and longevity.
He believes the rise of AI and the current high interest rates create an opportunity for a unique investment model. Share Ventures is not only investing in startups but also developing its own software and complex language models to enhance internal efficiencies. Watt remarked that with smaller funds, investors can identify opportunities earlier with less capital, which is beneficial when building companies from the ground up using advanced tools.
Watt emphasized that while many venture firms are investing in new technologies, they are not fully integrating or utilizing them within their processes. He noted the importance of incorporating novel data and automation, which he views as a distinctive advantage for Share Ventures.
Motivated by personal experiences, particularly the loss of his mother at a young age, Watt developed an interest in health and longevity. He reflected on how such loss provoked thoughts about mortality in a way he hadn’t previously considered.
Despite the challenges faced with MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” Watt remains driven to innovate and pursue new ventures. He expressed a mindset focused on learning from past experiences and having the courage to attempt new projects, regardless of the potential for failure.