Hamet Watt, co-founder of the once-popular MoviePass, is moving forward from the company’s dramatic downfall and is now focused on launching a new venture studio aimed at developing and funding startups.
Watt, who co-created MoviePass in 2011 with the concept of providing unlimited access to theaters for a monthly fee, revealed to Business Insider that he has been diligently working on his new company, Share Ventures. The venture has already attracted nearly $20 million in funding, backed by notable investors including Alphabet and Amazon. Watt indicated that Share Ventures will primarily invest in startups related to the future of work and longevity.
He believes that the current landscape of venture capital, influenced by the surge in artificial intelligence and elevated interest rates, is conducive to a “differentiated model.” According to him, Share Ventures plans to develop its own software and utilize 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,” Watt stated, emphasizing that this approach is beneficial for building companies from the ground up with the help of advanced tools.
Watt noted that while many venture firms are actively investing in new technologies, few are genuinely adopting and utilizing these innovations within their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
His interest in health and longevity was sparked by personal tragedy—losing his mother at a young age. “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,” Watt reflected.
Despite the collapse of MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt remains undeterred and eager to innovate. He contemplates what lessons he has learned and expresses a determination to venture out again, embracing the possibility of both failure and success.