The co-founder of MoviePass, Hamet Watt, is embarking on a new journey following the company’s dramatic downfall by launching a venture studio aimed at developing and funding startups. Watt, who pioneered the MoviePass idea in 2011, plans to focus his efforts with Share Ventures on the future of work and longevity sectors.
Share Ventures has already raised nearly $20 million, attracting investments from major players like Alphabet and Amazon. Watt believes that the current landscape, shaped by advancements in artificial intelligence and elevated interest rates, presents a ripe opportunity for creating a distinctive business model. His approach includes developing proprietary software alongside sophisticated language models to streamline internal operations.
Watt expressed that the venture capital environment allows for smaller funding amounts while still providing opportunities to identify promising ideas earlier in the process. This is beneficial for Share Ventures as it aims to cultivate new companies using cutting-edge technologies.
He also pointed out that while many venture firms are investing in innovative technologies, they often do not fully integrate or utilize these advancements within their own operations. Watt emphasized that Share Ventures is focused on employing novel data and automation as a core aspect of its strategy.
Watt’s interest in health and longevity was influenced by personal tragedy; he lost his mother at the age of 25, an experience that shaped his perspective on mortality. He remains undeterred by the failure of MoviePass, which he reflected upon in the documentary “MoviePass, MovieCrash,” using it as motivation to continue pushing the boundaries of innovation.