The co-founder of MoviePass, Hamet Watt, is moving on from the company’s dramatic downfall and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the concept of unlimited access to movies for a monthly fee, recently spoke with Business Insider about his new initiative, Share Ventures. The venture studio has already secured nearly $20 million in funding from notable backers, including Alphabet and Amazon. Watt emphasized that the studio will concentrate on startups related to the future of work and health longevity.
He believes that the current landscape of venture capital, influenced by the rise of AI and high interest rates, is favorable for a unique investment model. Share Ventures plans to develop its own software and intricate language models to streamline its internal operations. Watt noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively.”
Watt also expressed that many venture firms are investing in innovative technologies but are not fully integrating or utilizing them in their processes. He highlighted that incorporating novel data and automation sets Share Ventures apart in the competitive landscape.
His personal interest in health and longevity was spurred by the early loss of his mother at the age of 49 when he was just 25. This experience profoundly impacted his perspective on mortality.
Reflecting on his journey after the failure of MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt remarked on the lessons learned and the courage required to innovate again. “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.