The co-founder of MoviePass, Hamet Watt, is moving on from the company’s tumultuous demise and is currently raising funds for a new venture studio aimed at supporting the development and funding of startups.
Watt, who launched MoviePass in 2011 with the concept of a monthly subscription allowing unlimited access to theaters, has been working diligently at his new company, Share Ventures. This venture has successfully secured nearly $20 million in funding from notable backers, including Alphabet and Amazon. Watt revealed that Share Ventures will concentrate on startups that focus on the future of work and longevity.
He expressed that the current climate, marked by the rise of artificial intelligence and high interest rates, presents an opportunity for a unique investment model. This has led Share Ventures to create its own software and complex language models to streamline its internal processes.
Watt shared his belief that reduced funding needs and earlier detection of opportunities make this approach advantageous. “We’re building companies from scratch and utilizing the most advanced tools to do that proactively,” he stated.
Additionally, Watt noted that while many venture firms are investing in innovative technologies, they often do not implement those technologies internally. He emphasized that incorporating new data and automation into their processes is a unique aspect of Share Ventures.
Watt’s interest in health and longevity stems from a personal tragedy; he lost his mother at the age of 25 when she was only 49. This event has profoundly impacted his perspective on life and mortality.
Reflecting on his experience with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt remarked on the lessons learned and the courage to pursue new ventures. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he pondered.