The co-founder of MoviePass is embarking on a new chapter after the company’s dramatic downfall, as he seeks to raise funds for a new venture studio designed to develop and support startups.
Hamet Watt, who launched MoviePass in 2011, introduced the concept of a subscription service that provided unlimited access to theaters for a monthly fee. He recently shared with Business Insider that he has been diligently working at Share Ventures, which has already attracted nearly $20 million in funding from prominent backers like Alphabet and Amazon. Watt’s new venture aims to focus on startups within the realms of future work and longevity.
He believes that the current landscape of venture capital is favorable for innovative models due to the ongoing AI revolution and high interest rates. Share Ventures plans to create its own software along with complex language models to streamline internal operations. Watt noted, “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.”
Despite the influx of venture capital into new technologies, Watt pointed out that many firms are not fully utilizing these advancements themselves. He emphasized that incorporating new data and automation into their processes distinguishes Share Ventures from others in the market.
Watt also shared his personal motivation for focusing on health and longevity, rooted in the loss of his mother when he was just 25 years old. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
His past experiences with MoviePass, which he recounted in the documentary “MoviePass, MovieCrash,” inspire him to continue innovating. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he remarked.