The co-founder of MoviePass is transitioning from the company’s notable downfall to launch a new venture studio aimed at supporting and funding startups.
Hamet Watt, who launched MoviePass in 2011 with the concept of a subscription model for unlimited movie theater access, has been focused on his new initiative, Share Ventures. The company has attracted nearly $20 million in funding from investors, including Alphabet and Amazon. Watt indicated that the venture will prioritize startups in the areas of future work and health longevity.
He believes the current landscape, marked by an AI surge and high interest rates, presents an opportunity for a distinct approach in venture capital. To this end, Share Ventures plans to develop its own software and sophisticated language models to enhance its internal processes. Watt highlighted that this strategy allows for quicker identification of opportunities with less financial investment, which aligns with their goal of building companies from the ground up using advanced tools.
Watt noted that while many venture firms are investing in new technologies, they often do not fully utilize them in their operations. He emphasized that incorporating innovative data and automation into their processes is a key differentiator for Share Ventures.
The theme of health and longevity has become particularly important to Watt since the early loss of his mother, who passed away at the age of 49 when he was just 25. This experience profoundly influenced his thinking about mortality.
Reflecting on his past with MoviePass, which is depicted in the documentary “MoviePass, MovieCrash,” Watt expressed his commitment to innovation despite previous setbacks. He emphasized the importance of learning from failures and having the courage to pursue new endeavors.