Hamet Watt, the co-founder of MoviePass, is moving on from the company’s notorious downfall to focus on a new venture studio, Share Ventures, aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 with the innovative idea of allowing moviegoers to pay a monthly subscription for unlimited theater access, disclosed to Business Insider that he has been diligently working on this new project. Share Ventures has already raised nearly $20 million with investments from major players like Alphabet and Amazon. The firm intends to concentrate on startups in the fields of future work and longevity.
According to Watt, the combination of recent advancements in artificial intelligence and rising interest rates has created an opportunity for a unique investment model. Share Ventures plans to develop its own software and complex language models to streamline its internal operations. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” he explained. This approach allows the company to build startups from the ground up while leveraging advanced tools.
Watt noted that many venture firms are investing in cutting-edge technologies but are not fully utilizing them in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he said.
His interest in health and longevity is deeply personal, stemming from the loss of his mother at the age of 25 when she was only 49. This experience made him reflect on mortality and its impact on life choices.
In reference to his experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt expressed that his setbacks have fueled his desire to continue innovating. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he pondered.