The co-founder of MoviePass is pivoting from the company’s notable decline to launch a new venture studio aimed at supporting the development and funding of startups.
Hamet Watt, who launched MoviePass in 2011 with the revolutionary concept of providing moviegoers with unlimited theatre access for a monthly fee, has now shifted his focus to Share Ventures. In an interview with Business Insider, Watt revealed that his new company has secured nearly $20 million in funding from investors including Alphabet and Amazon. Share Ventures is concentrating on startups within the future of work and longevity sectors.
Watt believes the current landscape of venture capital, shaped by an AI boom and elevated interest rates, calls for a unique approach. He stated that Share Ventures is not only developing its own software but is also utilizing complex language models to enhance efficiency in its operations. “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 advantages of building companies from the ground up with advanced tools.
He noted that while many venture firms are investing in emerging technologies, they often do not incorporate them into their own operations. Watt believes that leveraging innovative data and automation in their processes sets Share Ventures apart.
Watt’s interest in health and longevity was sparked by a personal tragedy, having lost his mother at the age of 25. “When you lose your mom at a young age, it forces you to think about your own mortality,” he remarked.
Despite the setbacks he faced with MoviePass, which he recently reflected on in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”