The co-founder of MoviePass is embarking on a new journey following the company’s downfall by seeking funding for a venture studio aimed at developing and supporting startups.
Hamet Watt, who launched MoviePass in 2011 with the concept that moviegoers could enjoy unlimited access to theaters for a monthly fee, has been actively working on Share Ventures. This new venture has raised nearly $20 million from investors including Alphabet and Amazon. Share Ventures plans to focus on startups in the realms of future work and longevity.
Watt believes that the current landscape of venture capital, influenced by the rise of AI and high interest rates, is primed for a distinctive approach. To that end, Share Ventures is developing its own software alongside sophisticated language models to enhance its operations. He emphasized that this strategy allows for earlier identification of opportunities with less capital required.
Watt pointed out that while many venture firms are investing in emerging technologies, few are actually implementing and utilizing them in their own processes. He sees leveraging novel data and automation as a unique aspect of Share Ventures.
Watt’s personal experience with loss sparked his interest in health and longevity, particularly after losing his mother at a young age. He reflected on how such a profound loss alters one’s perception of mortality.
Despite the setbacks with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate and explore new possibilities, acknowledging that taking risks can lead to both failure and success.