Hamet Watt, co-founder of MoviePass, is moving past the company’s dramatic fall and is now focused on a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011, introduced a subscription model that allowed moviegoers to access unlimited theater visits for a monthly fee. He has recently revealed to Business Insider that he has been diligently working on Share Ventures, which has already raised nearly $20 million, with investments from major backers including Alphabet and Amazon.
The new venture is centered on startups in the fields of future work and longevity. Watt believes that the current landscape of high interest rates and a booming AI sector has created a need for a “differentiated model” in venture capital. Share Ventures is working on its own software and complex language models to enhance internal processes, enabling earlier opportunity detection with reduced capital investment.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt shared. He emphasized the importance of advanced tools in building new companies.
Watt noted that while many venture firms are investing in new technologies, they often do not incorporate these innovations into their operations. He believes that their approach, which includes utilizing novel data and automation, sets Share Ventures apart.
His interest in health and longevity was sparked by the loss of his mother when he was just 25 years old. This experience pushed him to confront his own mortality and has profoundly influenced his current focus.
Reflecting on his past with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” Watt expressed that the lessons learned from that venture have equipped him with the courage to continue innovating. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”