The co-founder of MoviePass is moving on from the company’s notable downfall and is now raising funds for a new venture studio aimed at developing and supporting startups.
Hamet Watt, who launched MoviePass in 2011 with the innovative idea that movie enthusiasts could pay a monthly fee for unlimited access to theaters, recently shared his latest project with Business Insider. He has been focusing on Share Ventures, which has raised nearly $20 million from investors, including major backers such as Alphabet and Amazon. The new venture aims to concentrate on startups in the fields of future work and longevity.
Watt believes that the current landscape of venture capital, shaped by the rise of AI and elevated interest rates, is ready for a “differentiated model.” He emphasized that Share Ventures is creating its own software and utilizing sophisticated language models to streamline its internal processes. “You don’t need as large of funds, and you can identify opportunities much earlier with less capital,” Watt explained. “That’s advantageous for us as we are building companies from scratch using the most advanced tools available.”
He noted that while many venture firms are investing in new technologies, few are effectively integrating and utilizing them within their operations. “Employing novel data and automation in our processes sets us apart,” Watt stated.
His personal experiences have also influenced his interest in health and longevity. After losing his mother at the age of 25 when she was just 49, Watt reflected on mortality in a profound way. “Losing my mom at a young age made me more aware of my own life,” he said.
Watt’s past experiences with MoviePass, explored in the documentary “MoviePass, MovieCrash,” have driven his determination to keep innovating despite previous setbacks. “What have I learned, and what am I willing to try now — even if I might fail, there is also a chance to succeed?” he shared.