Hamet Watt, a co-founder of MoviePass, is shifting his focus from the company’s notable downfall to launching a new venture studio aimed at developing and funding startups. Watt, who established MoviePass in 2011 based on the concept of unlimited theater access for a monthly fee, is now dedicated to his new company, Share Ventures.
Share Ventures has already raised nearly $20 million in funding from notable investors, including Alphabet and Amazon. The firm aims to concentrate on startups operating within the realms of future work and longevity.
In comments to Business Insider, Watt highlighted that the current landscape, influenced by the rise of AI and elevated interest rates, presents a prime opportunity for a distinctive business model. As part of its strategy, Share Ventures plans to create its own software and complex language models to streamline its internal processes.
Watt emphasized the advantages of smaller-scale funding, stating that it enables quicker identification of opportunities with 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,” he mentioned.
He also noted that many venture firms are pouring investments into new technologies without truly incorporating them into their operations. Watt believes that his team’s use of innovative data and automation sets them apart.
His interest in health and longevity stems from a personal tragedy; he lost his mother at a young age, which profoundly impacted his perception of life and mortality. Reflecting on his experience with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” he expressed his motivation to continue innovating, underscoring his willingness to take risks in pursuit of success.