Hamet Watt, a co-founder of MoviePass, is moving past the company’s notable decline and is now focused on his new venture studio, Share Ventures, aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 with the concept of a monthly subscription for unlimited movie theater access, revealed to Business Insider that Share Ventures has already raised nearly $20 million from investors including Alphabet and Amazon. The new company intends to target startups in the areas of work innovation and longevity.
He noted that the ongoing AI surge coupled with high interest rates has created an opportunity for a unique venture capital model. Share Ventures plans to develop its own software and sophisticated language models to streamline internal operations, as reported by Business Insider.
Watt emphasized the advantages of smaller funding requirements, allowing for early detection of promising opportunities with 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,” he stated.
He pointed out that while many venture firms are investing in new technologies, few truly integrate and utilize them in their processes.
Watt also shared that his interest in health and longevity was influenced by the early loss of his mother at the age of 25. This personal experience prompted him to contemplate his own mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Despite the setbacks experienced with MoviePass, which he elaborated on in the documentary “MoviePass, MovieCrash,” Watt remains driven to innovate. He expressed a desire to explore new ideas, accepting that he may face failure but holding onto the hope for success.