Hamet Watt, the co-founder of MoviePass, is embarking on a new chapter as he transitions from the company’s notorious downfall to launching an innovative venture studio aimed at nurturing and funding startups. Watt shared insight on his new project, Share Ventures, in a recent interview with Business Insider.
Founded in 2011, MoviePass allowed movie enthusiasts to enjoy unlimited theater access for a monthly fee, but it eventually faced a dramatic collapse. Now, Watt is focused on building Share Ventures, which has already attracted nearly $20 million in investments from notable backers such as Alphabet and Amazon. This new initiative is centered on startups in the realms of future work and health longevity, areas Watt is particularly passionate about, especially after losing his mother at a young age.
Watt believes that the current landscape—marked by the rise of artificial intelligence and high interest rates—presents a unique opportunity for venture capital firms to adopt innovative models. Share Ventures aims to leverage advanced software and language models to enhance operational efficiency and decrease the need for large funding pools. He commented, “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 proactively while effectively utilizing cutting-edge technology.
Moreover, Watt reflects on his past experiences with MoviePass, which he discusses in the documentary “MoviePass, MovieCrash.” He emphasizes that rather than being disheartened by failure, he is motivated by the lessons learned, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”
The evolution of Watt’s career from MoviePass to Share Ventures serves as a reminder of resilience and innovation in the entrepreneurial journey. As he channels his experiences into creating solutions for modern challenges, he exemplifies a positive outlook on the potential for reinvention in the startup space.
In summary, Hamet Watt is using his experiences from MoviePass to drive innovation in the startup world through Share Ventures, focusing on health and future work while leveraging AI for operational efficiency. His journey underlines the power of learning from past failures to inspire future successes.