The co-founder of MoviePass, Hamet Watt, is shifting his focus from the company’s dramatic decline to launching a new venture studio aimed at supporting the development and funding of startups.
Watt, who introduced the subscription model for unlimited movie access through MoviePass in 2011, has been busy with his new company, Share Ventures. He disclosed to Business Insider that the startup has successfully attracted nearly $20 million in funding, with support from major backers like Alphabet and Amazon. Share Ventures is concentrating on innovations in the future of work and health longevity sectors.
Watt believes the current boom in artificial intelligence and elevated interest rates present a favorable environment for a unique venture capital model. He indicated that Share Ventures is developing distinct software and advanced language models to automate its internal operations, potentially allowing for quicker and more cost-effective opportunity assessment.
He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This strategy allows Share Ventures to create startups from the ground up while leveraging cutting-edge tools.
Watt noted that while many venture firms are investing in new technologies, they often do not fully utilize these innovations in their own processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
His personal experiences have shaped his interest in health and longevity. After losing his mother at the age of 25, he became acutely aware of his own mortality and the importance of health.
Reflecting on his past with MoviePass, which he examined in the documentary “MoviePass, MovieCrash,” Watt expressed his determination to continue innovating despite earlier setbacks. He emphasized the need for resilience, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”