The co-founder of MoviePass is embarking on a new journey after the company’s dramatic downfall, seeking funding for a new venture studio aimed at supporting and developing startups.
Hamet Watt, who co-founded MoviePass in 2011 with the innovative concept of providing unlimited theater access for a monthly fee, shared with Business Insider that he has been focused on building Share Ventures. This new company has already raised nearly $20 million from investors, including major players like Alphabet and Amazon. Watt indicated that Share Ventures will concentrate on startups within the realms of the future of work and longevity.
He believes the current landscape of venture capital is ripe for a unique approach due to the AI boom and rising interest rates. As a result, Share Ventures plans to create its own software and utilize complex language models to streamline its operations. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt remarked, highlighting the advantages of their proactive approach to building companies from scratch using advanced tools.
Watt pointed out that while numerous venture firms are investing in emerging technologies, many are not fully embodying or implementing them. He emphasized that incorporating innovative data and automation into their processes is a distinctive feature of Share Ventures.
His interest in health and longevity was sparked by a personal tragedy; he lost his mother at the age of 25 when she was just 49. This experience has profoundly influenced his perspective on life and mortality. “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.
Despite the setbacks from MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt remains driven to innovate. He reflected on his journey, pondering what lessons he has learned and expressing a readiness to take risks for the chance to succeed.