The co-founder of MoviePass, Hamet Watt, is moving forward after the company’s notable downfall by launching a new venture studio aimed at developing and funding startups. Watt, who co-founded MoviePass in 2011 with the innovative concept of allowing moviegoers unlimited access to theaters for a monthly fee, is now at the helm of Share Ventures.
Share Ventures has successfully raised nearly $20 million in funding, with investments from major backers such as Alphabet and Amazon. The firm is concentrating on startups in the sectors of future work and longevity. Watt believes that the current landscape of venture capital, influenced by the rise of AI and elevated interest rates, presents an opportunity for a unique approach to funding.
He expressed to Business Insider that Share Ventures is creating proprietary software alongside sophisticated language models to streamline 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, indicating that this strategy will allow them to build companies from the ground up using advanced tools.
Watt noted that many venture firms are investing in emerging technologies but are not fully implementing them in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s personal experiences have also shaped his focus on health and longevity; he lost his mother at the age of 25, which impacted his perspective on 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 reflected.
Despite the challenges faced with MoviePass, which he recently examined in the documentary “MoviePass, MovieCrash,” Watt remains committed to exploring new avenues for innovation. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he said.