The co-founder of MoviePass is moving beyond the company’s dramatic downfall to launch a new venture studio aimed at supporting and funding startups.
Hamet Watt, who co-founded MoviePass in 2011 with the concept of offering unlimited movie theater access for a monthly fee, has shared with Business Insider that he is actively working on Share Ventures. The new firm has raised nearly $20 million in capital from investors, including Alphabet and Amazon. Watt indicated that the focus of Share Ventures will be on startups in the fields of future work and longevity.
He believes that the current landscape, influenced by the AI boom and elevated interest rates, is prime for a “differentiated model” in venture capital. To that end, Share Ventures is not only creating its own software but also employing complex language models to enhance internal operations. Watt explained that “you don’t need as large of funds” and that it’s possible to identify opportunities much earlier without extensive capital.
“Our approach allows us to build companies from the ground up while utilizing cutting-edge tools proactively,” Watt stated.
He also emphasized that while many venture firms are investing in new technologies, they aren’t necessarily adopting and implementing them in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s personal experiences have shaped his interest in health and longevity—an area he became passionate about after losing his mother at the age of 25, when she was just 49. “Losing my mom at a young age made me acutely aware of my own mortality,” he reflected.
Watt’s previous experience with the failure of MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” has only fueled his desire to innovate further. He concluded, “What have I learned, and what do I have the courage to pursue now, even if it means risking failure but also the chance for success?”