Hamet Watt, co-founder of MoviePass, is transitioning from the company’s notable downfall to focus on a new venture studio aimed at developing and funding startups. Watt, who established MoviePass in 2011, created a subscription model for unlimited movie access. He recently spoke with Business Insider about his new endeavor, Share Ventures.
Share Ventures has attracted nearly $20 million in funding from notable investors, including Alphabet and Amazon. The company intends to concentrate on startups within the future of work and longevity sectors. Watt believes that the current AI boom and high interest rates have created a favorable environment for a unique investment strategy. To adapt, Share Ventures is developing its own software alongside complex language models to enhance internal automation.
He explained that smaller funds can lead to quicker identification of opportunities 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,” Watt said.
Watt noted that while many venture firms are investing in new technologies, they are not effectively utilizing them within their own processes. He emphasized that employing innovative data and automation is a distinctive aspect of Share Ventures.
His interest in health and longevity was sparked by the early loss of his mother, who passed away at 49 when Watt was just 25. This personal experience made him reflect on mortality in ways he had not previously considered.
Despite the challenges he faced with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate. He expressed his determination to explore new ventures, acknowledging the possibility of both success and failure in his future endeavors.