The co-founder of MoviePass is embarking on a new venture, shifting focus from the company’s notable collapse to launching a studio aimed at developing and funding startups. Hamet Watt, who co-founded MoviePass in 2011 with the idea of offering unlimited movie access for a monthly fee, has been actively working on Share Ventures.
This new company has successfully raised nearly $20 million, with investors including Alphabet and Amazon. Watt revealed that Share Ventures is concentrating on startups that operate in the future of work and longevity sectors.
According to Watt, the current landscape influenced by the AI boom and high interest rates presents a unique opportunity for a “differentiated model” in venture capital. This has led Share Ventures to create software and complex language models designed to streamline internal operations.
He noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” Watt emphasizes that this is advantageous for building companies from the ground up while leveraging cutting-edge tools.
Watt also pointed out that while many venture firms are investing in emerging technologies, they often do not fully integrate or utilize them in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
Watt’s interest in health and longevity stems from personal loss; he lost his mother at a young age, motivating a deeper contemplation of mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Despite the challenges faced with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt remains driven to innovate. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”