The co-founder of MoviePass, Hamet Watt, is moving on from the company’s tumultuous decline and is now focused on launching a new venture studio aimed at developing and funding startups. Watt co-founded MoviePass in 2011, introducing the innovative model that allowed moviegoers to pay a monthly fee for unlimited access to theaters.
In a conversation with Business Insider, Watt revealed that his new venture, Share Ventures, has already attracted nearly $20 million in funding, with significant contributions from notable investors like Alphabet and Amazon. The studio will concentrate on startups in the fields of future work and longevity.
Watt believes that the current landscape of venture capital, influenced by the rise of AI and elevated interest rates, presents opportunities for a distinct business model. Share Ventures plans to harness advanced software and complex language models to enhance its internal processes. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” he stated, emphasizing the advantages of building companies from the ground up with innovative tools.
He noted that while many venture firms are pouring funds into new technologies, they often do not utilize these innovations in their own operations. “Using novel data and automation in our process is something we think is uniquely special to us,” Watt remarked.
Watt’s interest in health and longevity was sparked by personal experience, as he lost his mother at the age of 25, when she was just 49. This loss prompted him to reflect on his own mortality. His experience with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” has only fueled his determination to innovate. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he questioned.