The co-founder of MoviePass, Hamet Watt, is moving on from the company’s downfall and is currently raising funds for a new venture studio, Share Ventures, which aims to assist in developing and financing startups.
Watt, who launched MoviePass in 2011 with the concept of allowing moviegoers to pay a monthly fee for unlimited theater access, revealed to Business Insider that he has been focused on Share Ventures, which has already secured nearly $20 million in funding from investors including Alphabet and Amazon. The company is targeting startups in the realms of future work and longevity.
Watt believes that the current landscape shaped by the AI boom and high-interest rates presents a prime opportunity for a unique venture capital model. As a result, Share Ventures is not only investing in startups but is also developing its own software and sophisticated language models to streamline its operations.
He explained that smaller funds are now viable, allowing investors to discern opportunities earlier with less capital. This approach is beneficial for Share Ventures as they aim to build companies from the ground up while leveraging advanced tools.
Watt noted that, while many venture firms are investing in new technologies, they often do not fully integrate or utilize them. He emphasized that the incorporation of novel data and automation in their processes is a distinctive aspect of Share Ventures.
Watt’s motivation for focusing on health and longevity stems from personal tragedy; he lost his mother at the young age of 25 when she was just 49. This experience has profoundly influenced his perspective on life and mortality.
Reflecting on his experience with MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” Watt remains driven to innovate despite his past setbacks. He expressed a desire to learn from his experiences and embrace the possibility of both failure and success in his new endeavors.