The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s dramatic collapse and is now focused on raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011 with the revolutionary idea of offering unlimited access to theaters for a monthly fee, has been diligently working on Share Ventures. The new company has already attracted nearly $20 million in funding from investors, including major players like Alphabet and Amazon. Watt’s venture will concentrate on startups in the areas of future work and longevity.
He believes that the current environment, marked by advancements in AI and elevated interest rates, presents a prime opportunity for a “differentiated model” in venture capital. Share Ventures plans to develop its own software alongside advanced language models to streamline its operations.
Watt explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach aligns with their goal of building companies from the ground up while leveraging cutting-edge tools.
Watt pointed out that while many venture firms are investing in new technologies, few are truly integrating and utilizing them in their processes. He emphasized, “Using novel data and automation in our process is something we think is uniquely special to us.”
His interest in health and longevity was influenced by a personal tragedy; he lost his mother at the young age of 25, which prompted him to reflect on his own 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 recounted.
Despite the setbacks faced with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” Watt remains determined to innovate. He expressed a commitment to learning from past experiences and to continue exploring new ventures, saying, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”