The co-founder of MoviePass, Hamet Watt, is moving past the company’s downfall and is now focused on a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 to allow users unlimited access to theaters for a monthly fee, has now established Share Ventures, which has already raised nearly $20 million from investors including Alphabet and Amazon. The new venture aims to concentrate on startups in the fields of future work and longevity.
He believes that the current landscape influenced by the AI boom and elevated interest rates has created an opportunity for a different investment model. Watt stated that Share Ventures is developing its own software in conjunction with advanced language models to streamline its internal operations.
Watt emphasized that a smaller capital requirement allows them to identify promising opportunities much sooner. He explained, “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 also pointed out that while many venture firms are investing in new technologies, they often do not integrate and utilize them in their own processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
Watt’s interest in health and longevity was deeply personal, stemming from the loss of his mother when he was 25. This experience made him more aware of mortality and influenced his current focus on these issues.
His past experience with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” has only fueled his desire to continue innovating in the startup realm. He questioned, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”