The co-founder of MoviePass is moving past the company’s dramatic downfall and is now focused on raising funds for a new venture studio aimed at developing and supporting startups.
Hamet Watt, who launched MoviePass in 2011 with the innovative idea of allowing moviegoers unlimited theater access for a monthly fee, revealed to Business Insider that he has been working diligently at Share Ventures. The new venture has raised nearly $20 million with investors including Alphabet and Amazon. Watt emphasized that the focus of Share Ventures will be on startups in sectors related to the future of work and longevity.
He noted that the current landscape, marked by the AI boom and elevated interest rates, presents a unique opportunity for a “differentiated model” in venture capital. Share Ventures plans to create its own software and utilize complex language models to streamline its internal processes. Watt expressed that smaller funds are becoming more viable, allowing for earlier detection of potential opportunities with less capital. This approach aligns well with their mission of building companies from the ground up while leveraging advanced tools proactively.
Watt remarked that while many venture firms are investing in emerging technologies, they often do not fully implement or utilize these innovations themselves. He believes that incorporating novel data and automation into their processes sets their venture apart.
His interest in health and longevity was sparked by personal loss; he lost his mother at the age of 25 when she was only 49. This experience made him acutely aware of mortality and influenced his passion for pursuing innovations in health.
Reflecting on his experience with MoviePass, which he discussed in the HBO documentary “MoviePass, MovieCrash,” Watt expressed that his past failures only fuel his determination to innovate further. He is now driven by the question of what he has learned and whether he has the courage to take new risks—acknowledging the possibility of both failure and success.