Hamet Watt, co-founder of MoviePass, is moving forward from the company’s downfall and is in the process of establishing a new venture studio aimed at developing and funding startups.
Watt, who originated the MoviePass concept in 2011, which allowed moviegoers to pay a monthly fee for unlimited theater access, has been focusing his efforts on Share Ventures. This new enterprise has already attracted nearly $20 million in funding from investors including Alphabet and Amazon. Share Ventures is concentrating on startups within the realms of future work and longevity.
Watt indicated that the current landscape, influenced by the AI surge and elevated interest rates, presents an opportunity for a “differentiated model.” To this end, Share Ventures is developing its own software and complex language models to streamline its operations, as reported by Business Insider.
He emphasized that smaller funds can now identify opportunities more quickly and with less capital investment. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively,” he stated.
Watt also noted the trend among many venture firms investing in new technologies without fully utilizing them within their own processes. He believes that leveraging new data and automation gives Share Ventures a unique edge.
His personal interest in health and longevity stems from the loss of his mother when he was just 25. Her passing at 49 made him acutely aware of mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Watt’s experiences with the failure of MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” have only fueled his desire to innovate. He is now contemplating the lessons learned from his past and the courage to attempt new ventures, regardless of the potential for failure.