The co-founder of MoviePass is moving forward from the company’s notable downfall and is now securing funding for a new venture studio that aims to develop and support startups.
Hamet Watt, who was instrumental in launching MoviePass in 2011 with the idea of allowing moviegoers to pay a monthly fee for unlimited theater access, has been actively working on Share Ventures.
This new venture has successfully raised nearly $20 million in funding from notable backers including Alphabet and Amazon. Watt shared that the focus of Share Ventures will be on startups related to the future of work and longevity.
He believes that the current landscape, characterized by the AI boom and high interest rates, has created a favorable environment for a “differentiated model,” leading Share Ventures to develop its own software and complex language models to streamline its internal processes.
Watt explained that smaller funds can be sufficient to identify opportunities early on, making this approach beneficial as the company builds new ventures from the ground up while leveraging the latest technological tools.
He noted that many venture firms are investing in innovative technologies but are not fully integrating or utilizing them in their operations.
Watt’s passion for health and longevity was sparked by a personal tragedy, having lost his mother at the age of 25 when she was just 49.
“Experiencing the loss of my mother at a young age really makes you contemplate your own mortality in a way that I might not have considered otherwise,” he reflected.
Despite the challenges faced with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt remains driven to innovate. He is focused on learning from the past and is eager to take on new ventures, embracing both the possibility of failure and success.