Hamet Watt, co-founder of MoviePass, is moving on from the company’s dramatic downfall and is now focused on launching a new venture studio aimed at developing and funding startups.
Watt started MoviePass in 2011, introducing a subscription model that allowed moviegoers to enjoy unlimited access to theaters for a monthly fee. He recently revealed to Business Insider that he has been diligently working on Share Ventures, his new company.
Share Ventures has already secured nearly $20 million in funding from investors including Alphabet and Amazon. The firm aims to concentrate on startups within the future of work and longevity sectors.
According to Watt, the burgeoning AI landscape and rising interest rates have created an opportunity for a unique venture capital model. Share Ventures plans to develop its own software and sophisticated language models to streamline internal processes.
Watt remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much 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 further stated that while many venture firms are investing in new technologies, they often do not fully incorporate or leverage these innovations in their practices.
“Using novel data and automation in our process is something we think is uniquely special to us,” Watt added.
His interest in health and longevity is deeply personal, stemming from the loss of his mother at a young age. Watt was only 25 when she passed away at 49, an experience that profoundly shaped his perspective on life and mortality.
Reflecting on his experiences with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate despite the company’s failure. He emphasized the importance of learning from past mistakes and having the courage to pursue new ventures, acknowledging the potential for both success and failure.