The co-founder of MoviePass is shifting focus from the company’s dramatic collapse to a new venture studio aimed at developing and financing startups. Hamet Watt, who launched MoviePass in 2011 with the innovative concept of offering moviegoers unlimited theater access for a monthly fee, is now channeling his efforts into Share Ventures.
According to Business Insider, Share Ventures has raised nearly $20 million in funding, backed by major players like Alphabet and Amazon. The firm aims to concentrate on startups within the realms of future work and longevity.
Watt believes that the current AI boom, combined with high-interest rates, has created an opportunity for a distinctive venture capital model. To this end, Share Ventures will develop its own software and leverage complex language models to streamline its operations. Watt expressed that having smaller funds allows for earlier identification of opportunities with less capital, which is advantageous as they build companies from the ground up using cutting-edge tools.
He noted that while many venture firms are investing in new technologies, they often fail to fully embrace and utilize them within their processes. Watt emphasized the uniqueness of their approach, which incorporates novel data and automation strategies.
His interest in health and longevity was sparked by a personal tragedy; he lost his mother at the age of 25 when she was just 49. This experience prompted him to reflect on mortality, leading to a deeper motivation in his current work.
Watt has discussed his experiences with MoviePass in the documentary “MoviePass, MovieCrash,” stating that his past failures drive him to continue pursuing innovation. He speaks to the lessons learned and the courage to venture into new challenges, acknowledging that while failure may be a possibility, success is also within reach.