The co-founder of MoviePass is embarking on a new chapter after the company’s remarkable downfall, as he seeks funding for a venture studio designed to support the development of startups.
Hamet Watt, who launched MoviePass in 2011 with the revolutionary concept of a subscription service for unlimited movie access, has been focusing on Share Ventures. He shared with Business Insider that his new venture has successfully raised nearly $20 million from notable investors, including Alphabet and Amazon. Share Ventures aims to concentrate on startups related to the future of work and longevity.
Watt believes that the current landscape, shaped by the rise of artificial intelligence and high interest rates, presents a favorable environment for a differentiated venture capital model. Share Ventures is developing its own software and utilizing complex language models to streamline its internal processes. He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach allows them to create companies from the ground up while leveraging the latest technological tools.
Moreover, Watt commented on the broader venture capital trend, noting, “A lot of venture firms are investing in these new technologies, but they’re not really embodying and using them.” He emphasized that the incorporation of innovative data and automation within their processes makes Share Ventures stand out from the competition.
Watt’s personal experiences fueled his interest in health and longevity, particularly after the loss of his mother at the age of 25, when she was only 49. He explained, “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.”
Reflecting on his experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt sees the lessons learned as a driving force for future innovation. He remarked, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”