Hamet Watt, co-founder of MoviePass, is shifting focus from the company’s tumultuous history to launch a new venture studio aimed at developing and funding startups.
Since its inception in 2011, MoviePass allowed cinema enthusiasts to enjoy unlimited movie access for a monthly fee, but has faced significant challenges over the years. Now, Watt is channeling his efforts into Share Ventures, which has successfully raised nearly $20 million, with investments from major backers including Alphabet and Amazon.
Share Ventures intends to concentrate on startups within the future of work and longevity sectors. Watt believes that the current landscape, shaped by the AI surge and elevated interest rates, presents an opportunity for a distinct model in venture capital. This is why Share Ventures is developing its own software alongside advanced language models to enhance internal operations.
Watt noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He views this as a significant advantage, as the company aims to build startups from the ground up utilizing cutting-edge tools.
He further expressed that many venture firms are investing in new technologies but are not effectively integrating them into their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
Watt’s passion for health and longevity was influenced by a personal loss; he was only 25 when his mother passed away at the age of 49. This experience has prompted him to reflect on mortality and the importance of pursuing meaningful innovations.
Reflecting on his experiences with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt emphasized his determination to continue innovating and adapting. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he shared.