The co-founder of MoviePass, Hamet Watt, is moving on from the company’s dramatic downfall to establish a new venture studio aimed at supporting the development and funding of startups.
Watt, who launched MoviePass in 2011 with the concept of offering moviegoers unlimited theater access for a monthly fee, recently spoke to Business Insider about his new endeavor, Share Ventures. The company has already secured nearly $20 million in funding, with investors including major players like Alphabet and Amazon. The focus of Share Ventures will be on startups involved in the future of work and longevity sectors.
Watt expressed that the current environment, marked by the rise of AI and elevated interest rates, creates favorable conditions for investment models that stand out. He explained that Share Ventures will develop its own software and complex language models to streamline its internal processes. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” he remarked. This approach allows the studio to create businesses from the ground up while utilizing advanced tools efficiently.
Watt noted that while many venture firms are investing in new technologies, they aren’t necessarily implementing or integrating them into their operations. He believes that leveraging innovative data and automation sets Share Ventures apart.
His interest in health and longevity has personal roots, stemming from the loss of his mother when he was 25, a tragic event that has shaped his perspective on mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he shared.
Despite his experience with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt remains committed to innovation, viewing his past missteps as a motivation to continue pursuing new ideas. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he concluded.