Hamet Watt, co-founder of MoviePass, is embarking on a new journey following the company’s dramatic downfall. He has launched a venture studio called Share Ventures, aimed at developing and funding startups.
Watt, who established MoviePass in 2011 with the innovative concept of a monthly subscription for unlimited movie theater access, shared his insights with Business Insider regarding his new endeavor. Share Ventures has already attracted nearly $20 million in funding from notable investors, including Alphabet and Amazon. The focus of this new venture will be on startups that center around the future of work and health longevity.
He noted that the current landscape shaped by the rise of artificial intelligence and elevated interest rates presents opportunities for a unique investment model. Share Ventures aims to create its own software and sophisticated language models to streamline internal operations, as reported by Business Insider.
Watt explained, “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 pointed out that while many venture firms are investing in new technologies, they are not effectively integrating them into 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 emerged after the loss of his mother when he was just 25 years old, a tragedy he feels compelled him to confront his own mortality.
Reflecting on his experiences with MoviePass, which he discusses in the documentary “MoviePass, MovieCrash,” Watt emphasized that setbacks only fuel his desire 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?”