Hamet Watt, the co-founder of MoviePass, is moving on from the company’s downfall and is currently raising funds for a new venture studio aimed at developing and financing startups.
Watt, who co-created MoviePass in 2011 with the innovative concept of allowing moviegoers to pay a monthly fee for unlimited theater access, shared with Business Insider that he is focusing on his new project called Share Ventures. This company has already attracted nearly $20 million in funding from notable investors, including Alphabet and Amazon. Watt revealed that Share Ventures is prioritizing startups related to the future of work and longevity.
He believes that the current landscape of venture capital, influenced by the AI boom and elevated interest rates, is conducive to a “differentiated model.” Share Ventures is set to develop its own software and intricate language models to streamline its internal operations. Watt explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach allows them to build companies from the ground up while leveraging the most advanced tools available.
Watt remarked that many venture firms are investing in emerging technologies but are not fully utilizing them in their operations. He emphasized the importance of incorporating novel data and automation, which he believes gives Share Ventures a unique competitive edge.
His personal journey into health and longevity was sparked by the loss of his mother at the age of 25, who passed away at just 49. Reflecting on this painful experience, he noted, “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.”
Watt’s experience with MoviePass, which he openly discussed in the documentary “MoviePass, MovieCrash,” has only fueled his desire to continue innovating. He expressed a mindset of resilience and curiosity about future ventures, saying, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”