The co-founder of MoviePass, Hamet Watt, is moving on from the company’s dramatic decline to focus on a new venture studio aimed at supporting the development and funding of startups.
Watt, who established MoviePass in 2011 based on the concept of unlimited movie access for a monthly fee, has been actively working with Share Ventures. The new company has successfully secured nearly $20 million in funding, attracting investors including Alphabet and Amazon. Watt’s aim is to concentrate on startups within the domains of future work and longevity.
He believes that the recent surge in artificial intelligence and rising interest rates have created a favorable environment for a distinct venture capital approach. As a result, Share Ventures is developing its own software and sophisticated language models to enhance internal operations.
Watt pointed out that smaller funds can now identify viable opportunities earlier with less capital. This shift is beneficial for Share Ventures, as it allows the team to build companies from the ground up while utilizing advanced tools proactively.
Watt also noted that many venture capital firms are pouring money into new technologies without actually implementing them in their operations. He believes that leveraging innovative data and automation is what sets Share Ventures apart.
His interest in health and longevity was sparked by the early loss of his mother at the age of 25, a profound experience that has shaped his outlook on life.
Reflecting on his experience with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” Watt emphasized that setbacks only serve to fuel his desire for innovation. He is now focused on learning from past experiences and embracing the possibility of both failure and success in his new endeavors.