The co-founder of MoviePass, Hamet Watt, is shifting focus from the company’s notable downfall to establishing a new venture studio aimed at developing and funding startups. Watt, who helped launch MoviePass in 2011, which allowed subscribers unlimited access to theaters for a monthly fee, is currently working on his new initiative named Share Ventures.
Share Ventures has reportedly garnered nearly $20 million in funding, with investments from major players like Alphabet and Amazon. The firm is concentrating on startups in the areas of future work and longevity.
Watt believes that the recent surge in AI technology and high-interest rates have created a favorable environment for a “differentiated model” in venture capital. This perspective is what inspired Share Ventures to integrate proprietary software and complex language models into its operations to automate internal tasks.
He remarked, “You don’t need as large of funds, and you can get signals on an opportunity much earlier with much less capital,” emphasizing their strategy of building companies from the ground up while utilizing cutting-edge tools.
Watt also noted that many venture firms are investing in new technologies but do not fully embrace and utilize them in their operations. He believes that employing advanced data and automation processes is a distinctive aspect of Share Ventures.
His motivation for pursuing projects in health and longevity stems from a personal tragedy, losing his mother at the age of 25, when she was only 49. This experience has profoundly affected his outlook on mortality and the importance of health innovation.
Reflecting on his past with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt stated that rather than deterring him, the experience fueled his desire to innovate. He is now focused on what he can learn and the courage to try again, acknowledging that there are risks of failure but also the potential for success.