The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s dramatic downfall and focusing on a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 with the concept of offering unlimited access to theaters for a monthly fee, has been actively working on his new company, Share Ventures. This venture has recently secured nearly $20 million in funding from notable investors, including Alphabet and Amazon. The focus of Share Ventures is on startups that tackle the future of work and longevity.
Watt believes that the recent boom in artificial intelligence and the rise in interest rates make the current venture capital environment ideal for a distinctive approach. Share Ventures plans to develop its own software and complex language models to streamline its internal processes, thereby differentiating itself in the market. He noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This philosophy allows the company to build businesses from the ground up while utilizing advanced tools proactively.
Watt observed that while many venture firms are investing in new technologies, few are fully integrating and utilizing them in their business models. He emphasizes that “using novel data and automation in our process is something we think is uniquely special to us.”
His interest in health and longevity was sparked by the loss of his mother at a young age, which has profoundly impacted his perspective on life and mortality. Watt reflected on this experience, saying, “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.”
Despite the challenges he faced with MoviePass, which he recently addressed in the HBO documentary “MoviePass, MovieCrash,” Watt remains determined to innovate. He expressed his readiness to embrace both success and failure in his future endeavors, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”