Hamet Watt, co-founder of MoviePass, is moving forward from the company’s notable collapse by launching a new venture studio aimed at developing and funding startups.
After founding MoviePass in 2011, which revolutionized ticket access for moviegoers with a subscription model, Watt has now focused his efforts on Share Ventures. In a conversation with Business Insider, he revealed that Share Ventures has raised nearly $20 million in funding, with prominent backers such as Alphabet and Amazon. The new venture is targeting startups in fields focused on the future of work and longevity.
Watt expressed that the current landscape of venture capital, influenced by the rise of artificial intelligence and high interest rates, is ripe for a distinct approach. Share Ventures plans to develop its own software, alongside sophisticated language models, to streamline internal processes and enhance efficiency.
He noted that the current environment allows for early identification of opportunities with less capital investment, which is beneficial for their goal of building companies from the ground up using the most advanced technologies.
Watt highlighted that while many venture firms are investing in emerging technologies, they often do not fully integrate or utilize them in their operations. By leveraging innovative data and automation, Share Ventures aims to differentiate itself in the industry.
His passion for health and longevity is deeply personal, stemming from the loss of his mother at age 25, which prompted him to reflect on mortality. This experience has shaped his focus on using technology to improve health outcomes.
Watt’s past challenges with MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” have only fueled his desire to innovate further. He is now motivated by the lessons learned from his experiences and is ready to tackle new ventures, unafraid of the possibility of failure.