The co-founder of MoviePass is shifting focus from the company’s dramatic downfall to launching a new venture studio aimed at developing and funding startups. Hamet Watt, who launched MoviePass in 2011 with the concept of a monthly subscription for unlimited movie access, revealed to Business Insider that he is now invested in a new venture called Share Ventures.
Share Ventures has successfully acquired nearly $20 million in funding from notable investors such as Alphabet and Amazon. Watt indicated that the studio will concentrate on startups related to the future of work and longevity.
He believes that the current landscape, marked by an AI boom and elevated interest rates, is conducive to exploring a “differentiated model.” Share Ventures is creating proprietary software in addition to advanced language models to streamline its operations, as reported by Business Insider.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt remarked. “For us, that’s advantageous because we’re building companies from the ground up and leveraging advanced tools to do so proactively.”
Watt pointed out that many venture firms are investing in new technologies but are not fully integrating them into their processes, adding, “Using novel data and automation in our operations is something we consider uniquely special to us.”
His interest in health and longevity, Watt shared, was sparked by the early loss of his mother when he was just 25 years old. Her passing at the age of 49 made him reflect deeply on mortality.
“Experiencing the loss of my mother at a young age pushes you to confront your own mortality in ways that may not have been on your radar before,” he explained.
Watt also stated that his experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” has only fueled his desire to innovate further, saying, “What have I learned, and what do I have the guts to pursue now — and possibly fail or succeed?”