The co-founder of MoviePass is moving on from the company’s significant downfall and is now focused on raising capital for a new venture studio aimed at developing and funding startups.
Hamet Watt, who launched MoviePass in 2011 with the innovative concept of allowing moviegoers to pay a monthly fee for unlimited theater access, has shared that he is dedicated to Share Ventures. This new company has already secured nearly $20 million in funding from notable backers, including Alphabet and Amazon. Watt stated that Share Ventures is concentrating on startups related to the future of work and longevity.
He believes that the current AI boom and elevated interest rates have created an opportunity for a “differentiated” venture capital model. To capitalize on this, Share Ventures is developing its own software and utilizing advanced language models to streamline its internal operations.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt explained. “For us, that’s advantageous because we’re building companies from scratch and proactively using the most advanced tools available.”
Watt noted that while many venture firms are investing in new technologies, they are not fully utilizing or embodying these innovations. “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 after losing his mother at the age of 25 when she was just 49 years old. “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,” he reflected.
Watt’s experience with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” has only fueled his desire to innovate. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he stated.