Hamet Watt, co-founder of MoviePass, is pivoting from the company’s dramatic downfall to launch a new venture studio aimed at developing and funding startups. Watt, who introduced MoviePass in 2011, which allowed moviegoers to enjoy unlimited theater access for a monthly fee, is now focused on Share Ventures.
Share Ventures has successfully raised nearly $20 million, attracting investors from major companies like Alphabet and Amazon. The new venture will concentrate on startups within the realms of the future of work and longevity. Watt believes that the current climate, characterized by the AI boom and elevated interest rates, creates an opportunity for a unique venture capital model. He cited that the new approach enables early detection of potential opportunities with less capital and smaller funds.
“We’re building companies from scratch and utilizing advanced tools proactively,” Watt stated. He pointed out that while many venture firms are investing in new technologies, they often do not adopt or utilize them effectively. “Our use of innovative data and automation distinguishes our approach,” he added.
Watt’s commitment to health and longevity is deeply personal; he lost his mother at the age of 25, which prompted him to reflect on his own life. “Experiencing such a loss at a young age compels you to confront your mortality,” he remarked.
Despite the setback with MoviePass, which he addresses in the documentary “MoviePass, MovieCrash,” Watt remains determined to pursue innovation. He expressed a desire to learn from past experiences and to embrace the challenge of potentially failing while striving for success.