The co-founder of MoviePass, Hamet Watt, is moving on from the company’s notorious collapse and is now focusing on a new venture studio aimed at developing and funding startups. Watt, who launched MoviePass in 2011 with the vision of providing moviegoers unlimited access to theaters for a monthly fee, is currently working on Share Ventures, which has attracted nearly $20 million in funding from notable backers including Alphabet and Amazon.
Watt shared that Share Ventures will concentrate on startups within the future of work and longevity sectors. He believes that the current landscape, shaped by the AI boom and high interest rates, offers an opportunity for venture capital to adopt a distinctive model. This model involves creating its own software and complex language models to automate internal processes.
He emphasized the advantage of not needing substantial funds to identify opportunities early on with 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 stated.
Watt noted that while many venture firms are investing in new technologies, they often do not fully leverage these innovations in their own operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
His interest in health and longevity was sparked by the loss of his mother when he was just 25, an experience that made him reflect on mortality in a profound way.
Watt’s earlier experience with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” has only fueled his desire to continue innovating. He concluded by expressing his willingness to take risks in pursuit of success, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”