The co-founder of MoviePass, Hamet Watt, is moving on from the company’s notable collapse and is seeking funding for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011, a service that offered moviegoers unlimited access to theaters for a monthly fee, has been busy with his new company, Share Ventures. The venture has already secured nearly $20 million in funding from notable investors, including Alphabet and Amazon. Watt stated that Share Ventures is concentrating on startups in the fields of future work and longevity.
He believes that the current environment, characterized by the AI boom and high interest rates, presents a significant opportunity for an innovative business model. As a result, Share Ventures is incorporating its own software and complex language models to streamline its internal processes.
Watt emphasized that with less capital, it is now possible to identify opportunities much earlier, which is advantageous for building new companies from the ground up using advanced tools.
He pointed out that while many venture firms are putting funds into new technologies, few are genuinely integrating and utilizing them within their operations.
Watt shared that his interest in health and longevity was sparked by the loss of his mother at the age of 25, which prompted him to reflect deeply on mortality.
Reflecting on his experience with MoviePass, which he recently recounted in the documentary “MoviePass, MovieCrash,” Watt expressed that past failures only motivate him to pursue new innovations. He questioned what lessons he has learned and what risks he is willing to take in his future ventures, aware that while he may face setbacks again, success is also a possibility.