Hamet Watt, co-founder of MoviePass, is moving forward after the company’s dramatic downfall and is currently focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the proposition of offering moviegoers unlimited access to theaters for a monthly fee, has shared with Business Insider that he is now working on Share Ventures. The new venture has raised nearly $20 million, with notable investors including Alphabet and Amazon. Share Ventures is concentrating on startups that emphasize the future of work and longevity.
Watt believes that the current landscape of venture capital, influenced by the AI boom and high interest rates, is favorable for unique business models. Consequently, Share Ventures plans to develop its own software and advanced language models to streamline its internal operations. He mentioned that this approach allows for smaller investment requirements and earlier identification of opportunities with less capital.
“A lot of venture firms are investing in these new technologies, but they’re not really embodying and using them,” Watt shared, emphasizing that integrating innovative data and automation into their processes sets them apart.
His interest in health and longevity is deeply personal; Watt lost his mother at the age of 25, which has profoundly impacted his perspective on mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he stated.
Reflecting on his experience with MoviePass, which he details in the documentary “MoviePass, MovieCrash,” Watt views his setbacks as a driving force for continued innovation. He expressed a desire to take risks and explore new ventures despite the potential for failure.