Hamet Watt, the co-founder of MoviePass, is moving forward from the company’s notable downfall by launching a new venture studio aimed at developing and funding startups.
Watt, who established MoviePass in 2011 with the innovative concept of a subscription service allowing unlimited access to theaters, is now focused on Share Ventures. According to Business Insider, this new endeavor has attracted nearly $20 million in funding from investors including Alphabet and Amazon. The studio primarily targets startups in the fields of future work and longevity.
Watt believes that the recent surge in artificial intelligence and elevated interest rates have created an opportune environment for a “differentiated model” in venture capital. Share Ventures plans to develop its own software and utilize sophisticated language models to streamline its internal operations.
He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” emphasizing the advantages of building companies from the ground up using advanced tools.
Watt pointed out that while many venture firms are investing in new technologies, they often do not fully integrate and apply these innovations within their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
His interest in health and longevity was sparked by a personal tragedy; he lost his mother at 25 when she was just 49. This experience prompted him to reflect on mortality and inspired his new focus.
Watt also discussed how the lessons learned from the failure of MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” have fueled his ambition to continue innovating. He expressed a readiness to embrace the possibility of failure while also finding success in his new ventures.