The co-founder of MoviePass, Hamet Watt, is embarking on a new journey after the company’s notable decline by establishing a venture studio dedicated to developing and financing startups.
Watt, who co-founded MoviePass in 2011 with the concept of offering moviegoers unlimited access to theaters through a monthly subscription, is now leading Share Ventures. The new venture has raised nearly $20 million from investors, including tech giants Alphabet and Amazon. Watt plans to focus on startups that revolve around the future of work and longevity.
He believes the current landscape of venture capital is ready for a unique approach, particularly due to the rise of artificial intelligence and elevated interest rates. Share Ventures aims to develop its own software and complex language models to enhance internal operations, allowing earlier identification of opportunities with fewer resources.
Watt noted that while many venture firms are investing in cutting-edge technologies, they often do not fully utilize these innovations in their processes. He emphasized the significance of incorporating novel data and automation, which he believes sets his company apart.
His interest in health and longevity stems from a personal loss; Watt lost his mother at the age of 25 when she was just 49. This experience has profoundly influenced his perspective on mortality and innovation.
Reflecting on his previous experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains determined to push forward with new ideas, acknowledging the possibility of both failure and success in his future endeavors.