The co-founder of MoviePass is embarking on a new journey after the company’s notable downfall. Hamet Watt, who co-founded MoviePass in 2011 with the innovative idea of allowing moviegoers to pay a monthly fee for unlimited theater access, is now focusing on launching a venture studio named Share Ventures.
In a recent interview, Watt revealed that his new company has already secured close to $20 million in funding, with significant backing from tech giants Alphabet and Amazon. Share Ventures aims to support startups operating in the future of work and longevity sectors.
Watt believes the current landscape, shaped by the rise of artificial intelligence and high interest rates, presents an opportunity for a unique approach to venture capital. He stated that Share Ventures is in the process of developing its own software and sophisticated language models to enhance internal operations. He emphasized that this model allows for smaller funds to achieve earlier signals on potential opportunities.
He expressed that while many venture firms are investing in new technologies, they are not fully embracing and utilizing these innovations. Watt sees the integration of advanced data and automation in their processes as a distinctive asset for Share Ventures.
The motivation behind 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 experience has profoundly influenced his perspective on life and mortality.
Reflecting on his past experiences with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” Watt remains determined to continue innovating. He is ready to explore new ventures, acknowledging the possibility of both failure and success.