The co-founder of MoviePass is embarking on a new venture following the company’s notable downfall, with plans to establish a startup studio focused on developing and funding innovative companies.
Hamet Watt, who launched MoviePass in 2011 with the vision of allowing movie enthusiasts to enjoy unlimited theater access for a monthly fee, shared with Business Insider that he is now dedicated to Share Ventures. This new company has already raised nearly $20 million in funding, with notable investors including Alphabet and Amazon. Watt’s aim is to concentrate on startups within the realms of future work and longevity.
He believes that the current climate, influenced by the rise of AI and elevated interest rates, presents a unique opportunity for a differentiated venture capital model. To capitalize on this, Share Ventures is developing its own software and complex language models designed to streamline internal operations.
Watt emphasized, “You don’t need as large of funds, and you can identify opportunities much earlier with less capital.” He views this as advantageous, as it allows for the creation of companies from the ground up using cutting-edge technology.
He observed that while many venture firms are investing in new technologies, they often fail to incorporate and implement them effectively. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s interest in health and longevity was sparked by the early loss of his mother at the age of 25, which deeply impacted his perspective on life and mortality. He remarked, “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.”
Despite his experiences with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains driven to innovate. He concluded, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”