The co-founder of MoviePass, Hamet Watt, is embarking on a new journey after the company’s notable decline. He is raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011, which allowed movie enthusiasts to pay a monthly subscription for unlimited theater access, revealed to Business Insider that he is now focused on his new venture, Share Ventures.
The company has already raised nearly $20 million from investors, including major players like Alphabet and Amazon. Watt explained that Share Ventures will specifically target startups related to the future of work and longevity.
He believes that the current climate of advancements in artificial intelligence and elevated interest rates has created an opportunity for a “differentiated model” in venture capital. Therefore, Share Ventures is developing its own software along with sophisticated language models to streamline its operations.
“You don’t need as large of funds, and you can identify opportunities much earlier with significantly less capital,” Watt stated. “That’s advantageous for us as we are building companies from scratch using the most advanced tools.”
Watt noted that while many venture firms are investing in new technologies, few are incorporating and utilizing them in their processes, which he sees as a unique advantage for Share Ventures.
His interest in health and longevity, which he described as a personal journey, was sparked by the loss of his mother at the young age of 25. She passed away at 49, prompting Watt to reflect on his own mortality.
“When you lose your mom at a young age, it forces you to think about your own mortality in a way that I may not have been aware of at that time,” he shared.
Despite the setbacks from MoviePass, which he addressed in the recent documentary “MoviePass, MovieCrash,” Watt is fueled by the lessons learned and remains committed to innovation.
His outlook is driven by a desire to explore new ventures and the willingness to embrace both the possibilities of success and the potential for failure.