The co-founder of MoviePass, Hamet Watt, is moving forward following the company’s notable collapse. He is now focused on raising funds for a new venture studio, Share Ventures, aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the innovative concept of a monthly subscription granting unlimited theater access, shared with Business Insider that Share Ventures has already attracted nearly $20 million in funding from prominent investors, including Alphabet and Amazon. The new venture is primarily concentrating on startups related to the future of work and longevity.
He believes that the current landscape, influenced by the rise of artificial intelligence and elevated interest rates, has created opportunities ripe for a new business model. Share Ventures plans to develop proprietary software and advanced language models to streamline its internal processes, allowing for early recognition of viable investments with lower capital requirements.
Watt emphasized that while many venture capital firms are investing in emerging technologies, they often fail to integrate or utilize these innovations themselves. He mentioned the unique approach of incorporating novel data and automation as a distinguishing factor for Share Ventures.
His personal experiences have also shaped his focus; after losing his mother at a young age, he has become deeply interested in health and longevity. Watt reflected that such a loss prompts a deeper awareness of one’s own mortality.
Despite the setbacks with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt remains committed to pursuing innovation, motivated by the lessons learned from his past endeavors. He expressed a willingness to embrace both potential failure and success in his new pursuit.