Hamet Watt, the co-founder of MoviePass, is leaving behind the company’s tumultuous history to launch a new venture studio aimed at developing and funding startups. Watt, who co-founded MoviePass in 2011, initially introduced the concept of allowing moviegoers to pay a monthly fee for unlimited access to cinemas.
In a discussion with Business Insider, Watt shared that his new company, Share Ventures, has already secured nearly $20 million in funding from prominent investors, including Alphabet and Amazon. The focus of Share Ventures will be on startups related to the future of work and longevity.
He highlighted that the current AI boom and high interest rates have created an opportunity for a unique business model. Share Ventures aims to build its own software and utilize complex language models to streamline its internal operations. Watt believes that with less funding, investors can identify promising opportunities earlier, which aligns well with their goal of creating companies from the ground up using the latest tools.
Watt pointed out that while many venture firms are pursuing investments in emerging technologies, they often do not adopt these innovations within their own operations. He emphasized the importance of using novel data and automation in their processes, which he sees as a distinctive advantage for his firm.
His personal experiences have also influenced his focus on health and longevity. Watt lost his mother when he was 25 years old, which intensified his awareness of mortality and the importance of longevity research.
Reflecting on his experiences with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” Watt expressed that his past failures have only fueled his desire to innovate further. He is motivated to embrace new challenges, acknowledging the possibility of both failure and success.