Hamet Watt, co-founder of MoviePass, is shifting his focus from the company’s dramatic decline to launching a new venture studio aimed at developing and funding startups.
Watt, who co-founded MoviePass in 2011 with the vision of allowing moviegoers unlimited access to theaters for a monthly fee, spoke to Business Insider about his latest endeavor, Share Ventures. The new venture has already raised nearly $20 million, with investments from major backers including Alphabet and Amazon. Share Ventures is particularly concentrating on startups in the fields of future work and longevity.
Watt believes that the current landscape of high interest rates and the AI boom creates an ideal environment for venture capital focused on innovative models. To this end, Share Ventures is developing its own software and complex language models to streamline its internal processes. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” he explained. “For us, that’s a great thing because we’re building companies from scratch using all the most advanced tools.”
Watt noted that, while many venture firms are investing in new technologies, they often do not utilize these innovations in their own operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
His interest in health and longevity was sparked by the loss of his mother when he was 25. She was only 49 at the time of her passing. “When you lose your mom at a young age, it forces you to think about your own mortality,” he commented.
Reflecting on his experience with MoviePass, which is the subject of the documentary “MoviePass, MovieCrash,” Watt sees his past challenges as motivation for future innovation. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he posed.