Hamet Watt, co-founder of MoviePass, has moved on from the company’s infamous downfall and is now focusing on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who started MoviePass in 2011 with the concept of offering moviegoers unlimited access to theaters for a monthly fee, revealed to Business Insider that he has been actively working on Share Ventures, which has already secured nearly $20 million in funding. Investors in this new venture include major players like Alphabet and Amazon. The studio intends to target startups within the sectors of future work and longevity.
Watt believes that the current landscape of venture capital, influenced by the recent surge in AI technology and rising interest rates, is conducive to a “differentiated model.” Share Ventures plans to develop its own software and complex language models to streamline internal processes, according to Business Insider.
He explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively.”
Watt also noted that while many venture firms are investing in emerging technologies, they often do not integrate and utilize these innovations within their own operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
His interest in health and longevity grew after losing his mother at a young age, which he described as a formative experience that prompted him 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 don’t know that I was conscious of at the time,” Watt shared.
Despite the failures associated with MoviePass, which he recently reflected on in the documentary “MoviePass, MovieCrash,” Watt remains driven to innovate. He expressed a willingness to embrace risk, saying, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”