Hamet Watt, the co-founder of MoviePass, is moving forward from the company’s dramatic collapse and is now focused on launching a new venture studio aimed at developing and funding startups.
Watt, who co-founded MoviePass in 2011 with the vision of allowing moviegoers to pay a monthly fee for unlimited theater access, shared with Business Insider that he is currently dedicated to Share Ventures. This new venture has raised nearly $20 million in funding, with support from notable investors including Alphabet and Amazon. The focus of Share Ventures is on startups that address the future of work and longevity.
Watt believes that the current landscape, influenced by the AI surge and rising interest rates, presents an opportunity for a novel venture capital model. Share Ventures is set to create its own software and complex language models to streamline its operations. He remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” For Watt, this approach is advantageous as it allows the company to develop new businesses while utilizing cutting-edge tools.
He highlighted that while many firms are investing in new technologies, few are fully integrating and utilizing them in their processes. Watt emphasized that their unique approach, which incorporates novel data and automation, sets Share Ventures apart.
Watt’s interest in health and longevity was sparked by a personal tragedy; he lost his mother at the young age of 25. Her passing at just 49 years old made him acutely aware of mortality. “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,” he stated.
Reflecting on his experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt expressed that the setbacks have only fueled his desire to innovate further. He posed a reflective question: “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”