The co-founder of MoviePass, Hamet Watt, is embarking on a new venture after the company’s notable downfall. He is raising funds for Share Ventures, a new studio aimed at developing and financing startups.
Watt, who introduced the groundbreaking subscription model allowing moviegoers unlimited access to theaters in 2011, has secured nearly $20 million in funding from notable backers including Alphabet and Amazon. Share Ventures is primarily focused on startups within the future of work and longevity sectors.
Watt believes that the current climate, characterized by an increase in artificial intelligence and high interest rates, presents an opportunity for a distinctive venture capital model. To support this, Share Ventures is developing its own software and utilizing advanced language models to streamline its operations.
He explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. 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.”
Watt pointed out that while many venture firms are investing in new technologies, they often do not fully integrate and utilize these advancements in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he noted.
His personal experiences significantly influence his work, particularly his interest in health and longevity, a focus that emerged after losing his mother at a young age. “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 shared.
Reflecting on his past experiences with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate. He expressed his determination to pursue new ideas, accepting the possibility of failure but holding onto the hope for success.