The co-founder of MoviePass is moving on from the company’s notable decline and is now raising funds for a new venture studio aimed at developing and supporting startups.
Hamet Watt, who co-founded MoviePass in 2011 with the innovative concept of allowing moviegoers to pay a monthly subscription for unlimited theater access, has been working on Share Ventures, as reported by Business Insider.
This new venture has attracted nearly $20 million in funding, with notable investors including Alphabet and Amazon. Watt stated that the focus of Share Ventures is on startups that operate within the realms of future work and longevity.
He believes that the recent surge in artificial intelligence and high interest rates have created an optimal environment for venture capital, allowing for a “differentiated model.” Share Ventures aims to build its own software and develop advanced language models to streamline its internal operations.
Watt emphasized that smaller funds can yield insights on opportunities much earlier, allowing them to build companies from the ground up using cutting-edge tools.
He noted, “Many venture firms are investing in new technologies, but they’re not truly integrating and utilizing them.”
Watt’s interest in health and longevity is personal; he was motivated by the loss of his mother at the age of 25 when she passed away at just 49. This experience has shaped his view on mortality and the importance of longevity.
Reflecting on his journey with MoviePass, which is discussed in the documentary “MoviePass, MovieCrash,” Watt expressed that the lessons learned from that experience drive him to continue innovating, regardless of potential setbacks.