Hamet Watt, co-founder of MoviePass, is moving forward from the company’s dramatic downfall by launching a new venture studio aimed at developing and funding startups.
Watt, who co-created MoviePass in 2011 to offer a subscription model for unlimited movie access, has been actively working on Share Ventures. The new venture has already attracted nearly $20 million in funding from investors including Alphabet and Amazon. Watt indicated that Share Ventures will concentrate on startups focused on the future of work and longevity.
He believes that the current surge in artificial intelligence and rising interest rates have created a favorable environment for a new venture capital approach. Share Ventures aims to pair startup funding with its own software and advanced language models to streamline internal processes.
Watt remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much 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.”
He noted that while many venture firms are investing in new technologies, few are actively integrating and utilizing them in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s interest in health and longevity was sparked by personal loss; his mother passed away at the age of 49 when he was just 25. This experience prompted him to reflect on mortality in a profound way.
His experience with MoviePass, which he opened up about in the documentary “MoviePass, MovieCrash,” has only strengthened his resolve to innovate. He concluded with a commitment to learning from past challenges and having the courage to pursue new ventures, whether they lead to failure or success.