The co-founder of MoviePass, Hamet Watt, is shifting his focus from the company’s notable downfall to launching a new venture studio aimed at nurturing and financing startups.
Watt, who started MoviePass in 2011 with the concept of offering a monthly subscription for unlimited theater access, has been diligently working on his new company, Share Ventures. The venture has already raised nearly $20 million in funding, backed by major investors such as Alphabet and Amazon. Watt indicated that Share Ventures will concentrate on startups in the fields of work and longevity.
He believes that the current landscape, shaped by the rise of artificial intelligence and elevated interest rates, presents an opportunity for a distinctive investment model. As a result, Share Ventures is developing its own software and complex language models to enhance its operations.
Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He sees this as an advantage, as the firm aims to build new companies with the most advanced tools available.
Watt acknowledged that while many venture firms are investing in innovative technologies, they often do not incorporate these advancements into their own processes. He highlighted that utilizing novel data and automation uniquely positions Share Ventures in the market.
Watt’s personal motivations for pursuing health and longevity stem from the loss of his mother, who passed away at the age of 49 when he was just 25. This experience compelled him to contemplate mortality in a profound way.
Reflecting on his experiences with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt expressed a desire to innovate despite the setbacks. He is driven by questions about what he has learned from past failures and what new risks he is willing to take in pursuit of success.