The co-founder of MoviePass, Hamet Watt, is embarking on a new journey after the company’s dramatic decline, aiming to raise funds for a venture studio designed to support and develop startups.
Watt co-founded MoviePass in 2011, proposing a subscription model that allowed moviegoers to enjoy unlimited access to theaters for a monthly fee. He has since focused his efforts on Share Ventures, a new organization that has secured nearly $20 million in funding from prominent backers, including Alphabet and Amazon. Share Ventures plans to target startups in the sectors of future work and longevity.
Watt believes that the current landscape, influenced by the AI revolution and rising interest rates, has created an opportunity for a unique venture capital model. According to him, Share Ventures is integrating its own software and intricate language models to streamline its internal operations. He noted that smaller funds allow for earlier identification of promising opportunities with less capital, enabling the firm to build companies from the ground up while leveraging advanced tools.
Watt pointed out that although many venture firms are investing in new technologies, they often fail to actively use them in their practices. He emphasized the importance of employing innovative data and automation, which he considers a distinctive aspect of Share Ventures.
His interest in health and longevity is deeply personal, stemming from the loss of his mother when he was just 25, a tragedy that has profoundly impacted his perspective on life and mortality.
Reflecting on his experience with MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” Watt expressed a desire to continue innovating despite past setbacks. He is determined to approach his new endeavors with a mindset geared towards learning and potentially achieving success.