Hamet Watt, co-founder of MoviePass, is shifting focus after the company’s significant decline and is now working on a new venture studio dedicated to developing and financing startups.
Watt, who helped launch MoviePass in 2011, envisioned a subscription model that allowed consumers to enjoy unlimited access to theaters for a monthly fee. He recently spoke with Business Insider about his ongoing efforts at Share Ventures, which has already raised nearly $20 million in funding, with support from major backers like Alphabet and Amazon. The new venture will concentrate on startups related to the future of work and longevity sectors.
He believes the current landscape, influenced by the AI surge and high interest rates, creates a fertile ground for a distinctive investment approach. Watt explained that Share Ventures is developing its own software and sophisticated language models to streamline its operations.
“Smaller funds can identify opportunities much earlier with less capital,” he noted. “This is beneficial for us as we build new companies from the ground up using advanced tools.”
According to Watt, while many venture capital firms are investing in new technologies, few fully integrate and utilize them in their processes.
He is particularly passionate about health and longevity, a field that became significant to him after experiencing the loss of his mother at the age of 25.
“Losing my mom so young made me confront my own mortality in a way I hadn’t considered before,” he reflected.
Watt’s experience with MoviePass, discussed in the recent documentary “MoviePass, MovieCrash,” has only fueled his desire to innovate. “What have I learned, and what do I have the courage to try now — potentially failing, but also possibly succeeding?” he questioned.