The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s dramatic downfall and is currently raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the innovative concept of a monthly subscription for unlimited movie access, shared with Business Insider that he has been actively working on Share Ventures. The new venture has already attracted nearly $20 million in funding from significant backers including Alphabet and Amazon. The focus of Share Ventures lies in the future of work and longevity sectors.
He expressed that the current landscape, shaped by the AI boom and rising interest rates, has created an opportunity for a distinct venture capital approach. Share Ventures plans to develop its own software and complex language models to streamline internal processes. Watt explained that the smaller amounts of funding required now can allow for quicker assessment of opportunities, which benefits their model of building companies from the ground up.
Watt noted that many venture firms are investing in emerging technologies but often fail to fully integrate and utilize them in their operations. He believes that leveraging innovative data and automation sets Share Ventures apart from its competitors.
His personal experience with loss has shaped Watt’s interest in health and longevity. Losing his mother at a young age of 25 has profoundly impacted his view on mortality and motivated his efforts in this field.
Reflecting on his past experiences with MoviePass, which he discussed in the recent documentary “MoviePass, MovieCrash,” Watt remains determined to innovate despite previous setbacks, contemplating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”