The co-founder of MoviePass is moving on from the company’s dramatic decline and is now focused on launching a new venture studio aimed at developing and funding startups.
Hamet Watt, who co-founded MoviePass in 2011 with the innovative idea of offering moviegoers unlimited theater access for a monthly fee, recently spoke with Business Insider about his latest endeavor, Share Ventures. The new venture has raised nearly $20 million in funding from notable investors, including Alphabet and Amazon. Watt revealed that Share Ventures will concentrate on startups aimed at the future of work and health longevity.
He believes that the current landscape of high interest rates and the AI boom has paved the way for a unique venture capital model. Share Ventures plans to develop its own software and complex language models to streamline its internal processes, allowing for earlier identification of opportunities with less capital investment. Watt remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” adding that this approach is beneficial as they build companies from the ground up while leveraging advanced tools.
Watt noted that while many venture firms are pouring money into emerging technologies, they aren’t necessarily utilizing these innovations within their own operations. He emphasized the importance of incorporating novel data and automation as a distinctive aspect of Share Ventures.
His interest in health and longevity was sparked by personal tragedy; Watt lost his mother at the age of 25 when she was just 49. This experience profoundly impacted his perspective on mortality.
Reflecting on his previous experience with MoviePass, which he discussed in the recent documentary “MoviePass, MovieCrash,” Watt stated that these lessons only serve to fuel his passion for innovation. He shared his mindset going forward: “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”