The co-founder of MoviePass is moving past the company’s dramatic downfall and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who co-founded MoviePass in 2011 with the revolutionary concept of offering moviegoers a monthly subscription for unlimited theater access, recently shared his progress with Share Ventures. The new company has raised nearly $20 million, with investments from significant backers like Alphabet and Amazon. Watt explained that Share Ventures is concentrating on startups within the future of work and longevity sectors.
He believes that the current AI surge and elevated interest rates have created an opportune environment for a “differentiated model” in venture capital. Consequently, Share Ventures plans to develop its own software and complex language models to streamline its internal processes.
Watt remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He views this as advantageous since they aim to build companies from the ground up, utilizing the most advanced tools available.
Watt noted that while many venture firms are investing in emerging technologies, they often fail to implement and utilize them effectively within their own systems. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
His personal motivation for exploring health and longevity stems from a tragic loss; he lost his mother at the age of 25, when she was just 49. “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,” he reflected.
Watt’s experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” has only fueled his drive to innovate despite past failures. He expressed his determination by asking himself, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”