The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s dramatic downfall by launching a new venture studio aimed at developing and financing startups. Watt, who founded MoviePass in 2011 with the concept of offering moviegoers a monthly subscription for unlimited theater access, has shifted his focus to Share Ventures, which has raised nearly $20 million in funding from notable investors including Alphabet and Amazon.
Share Ventures aims to concentrate on startups within the domains of future work and longevity. Watt believes that the current landscape of venture capital is well-suited for innovative approaches, particularly in light of the AI expansion and rising interest rates. He explained that this new model allows for earlier identification of opportunities with significantly less capital.
Watt emphasized the use of advanced technologies and automation in their processes, asserting that many venture firms are investing in new technologies but are not effectively implementing them. He considers their approach to utilizing novel data and automation as a key differentiator.
His interest in health and longevity is deeply personal, stemming from the loss of his mother at a young age, which influenced his perspective on mortality. Watt is determined to leverage the lessons learned from the failure of MoviePass, which he recently examined in the documentary “MoviePass, MovieCrash,” to inspire innovation and pursue new ventures despite the risk of failure.