The co-founder of MoviePass, Hamet Watt, is transitioning from the company’s notable collapse to focus on a new venture studio dedicated to supporting startups. Watt, who co-founded MoviePass in 2011, aimed to revolutionize the cinema experience with a subscription model for unlimited movie access. He revealed to Business Insider that he has been diligently working at Share Ventures, which has raised nearly $20 million in funding from investors, including tech giants Alphabet and Amazon.
The new venture will emphasize startups in the areas of future work and longevity. Watt believes that the current AI surge and high interest rates have created an opportunity for a unique venture capital model. Share Ventures plans to develop its own software and complex language models to enhance operational efficiency.
Watt noted that reduced capital needs enable early identification of potential investments, allowing his team to build companies from the ground up using cutting-edge tools. He observed that while many venture firms are investing in new technologies, few are incorporating them into their own operations.
His personal motivation for focusing on health and longevity stems from a profound loss; Watt lost his mother at the age of 25 when she was just 49 years old. This experience has profoundly influenced his perspective on life and mortality.
Reflecting on his journey with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” Watt expressed a desire to learn from past failures and embrace the risks of innovation.