The co-founder of MoviePass, Hamet Watt, is moving on from the company’s dramatic downfall to focus on a new venture studio aimed at developing and funding startups. Watt, who co-founded MoviePass in 2011 to offer moviegoers unlimited access to theaters for a monthly fee, has been working on Share Ventures.
The new company has raised nearly $20 million with support from major investors, including Alphabet and Amazon. Watt emphasized that Share Ventures will concentrate on startups in the fields of future work and longevity.
He noted that the current boom in artificial intelligence and high interest rates have created an opportunity for a unique venture capital approach. Share Ventures is developing its own software and sophisticated language models to enhance its internal operations.
Watt explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He believes this is advantageous for creating new companies while employing cutting-edge tools.
He highlighted that many venture firms are investing in new technologies but are not effectively integrating them into their processes. Watt remarked, “Using novel data and automation in our process is something we think is uniquely special to us.”
His interest in health and longevity was sparked by the early loss of his mother at the age of 49. “When you lose your mom at a young age, it forces you to think about your own mortality,” he shared.
Despite the failure of MoviePass, which he recently reflected on in the documentary “MoviePass, MovieCrash,” Watt remains determined 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?”