The co-founder of MoviePass is pivoting from the company’s notable decline and is now focused on raising funds for a new venture studio aimed at developing and supporting startups.
Hamet Watt, who co-founded MoviePass in 2011 with the concept of allowing moviegoers to subscribe for unlimited theater access, revealed to Business Insider that he is actively involved with Share Ventures. The new company has already attracted nearly $20 million in investment from prominent backers, including Alphabet and Amazon. Watt indicated that Share Ventures is concentrating on startups in the future of work and longevity sectors.
He believes that the current landscape of venture capital, influenced by the AI surge and high interest rates, creates an opportunity for a unique business model. Share Ventures plans to develop its own software and complex language models to streamline its internal operations. Watt explained that this approach diminishes the need for large funds and allows investors to identify opportunities earlier with less capital. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively,” he stated.
Watt observed that while many venture firms are investing in emerging technologies, they often do not integrate or utilize them in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
His interest in health and longevity was sparked by the loss of his mother at a young age; she passed away at 49 when Watt was just 25. “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 shared.
Reflecting on his experiences with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remarked that his past setbacks have only fueled his drive to innovate. 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?”