Hamet Watt, co-founder of MoviePass, is moving forward from the company’s notable downfall and is now focused on launching a new venture studio intended to support and finance startups.
Watt, who introduced the innovative concept of a subscription-based service for unlimited movie access in 2011, has informed Business Insider that he is dedicating his efforts to Share Ventures. The company has attracted nearly $20 million in funding, with investments from major backers such as Alphabet and Amazon. The focus of Share Ventures lies in startups related to the future of work and health longevity.
Watt believes that the current landscape of venture capital, influenced by the rise of artificial intelligence and elevated interest rates, is primed for innovative approaches. As a result, Share Ventures plans to develop its own software and sophisticated language models to streamline its operations.
He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” highlighting the advantage that allows them to create companies from the ground up while utilizing advanced tools effectively.
Watt noted that while many venture firms are investing in new technologies, they often do not leverage these innovations within their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he explained.
His interest in health and longevity began after experiencing the loss of his mother at a young age. “When you lose your mom at a young age, it forces you to think about your own mortality in a way that I don’t know that I was conscious of at the time,” he remarked.
Despite the setbacks he faced with MoviePass, which he recently reflected on in the documentary “MoviePass, MovieCrash,” Watt remains determined to innovate. He expressed his resolve to learn from his experiences and pursue new ventures, embracing the possibility of both failure and success.