The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s dramatic decline and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the concept of offering unlimited access to theaters for a monthly fee, has shared that he is actively working on a new company named Share Ventures. This venture has successfully attracted nearly $20 million in funding from investors including Alphabet and Amazon, and it focuses on startups in the fields of work innovation and longevity.
According to Watt, the current landscape of venture capital is ripe for a unique business model, particularly in light of the AI surge and elevated interest rates. Share Ventures plans to create its own software and leverage complex language models to streamline its internal operations, allowing for earlier detection of opportunities with lesser capital.
Watt emphasized that many venture firms are investing in emerging technologies, yet they often do not fully integrate these innovations into their processes. He believes that incorporating novel data and automation is a distinctive advantage for his venture.
His personal interest in health and longevity stems from a profound loss; Watt’s mother passed away at the age of 49 when he was just 25. This experience has influenced his perspective on life and mortality.
Reflecting on his previous experience with MoviePass, which he has talked about in the documentary “MoviePass, MovieCrash,” Watt noted that failure has only fueled his desire to innovate. He is eager to learn from past challenges and embrace new opportunities, whether they may lead to success or failure.