The co-founder of MoviePass, Hamet Watt, is shifting his focus from the company’s notorious downfall to launching a new venture studio aimed at developing and funding startups. Watt, who conceptualized MoviePass in 2011, believes that the current venture capital landscape, influenced by the rise of artificial intelligence and high interest rates, is ready for a fresh approach.
Watt’s new company, Share Ventures, has managed to secure nearly $20 million in funding, with investors that include tech giants Alphabet and Amazon. The venture is specifically targeting innovative startups in the fields of work and health longevity.
Watt emphasized that current market conditions allow for quicker insights into potential opportunities with less capital required. He stated that Share Ventures is focused on building companies from the ground up while utilizing advanced technology and software to streamline its operations.
Watt noted a critical difference between his firm and many others in the industry is their commitment to leveraging new data and automation throughout their processes.
His personal experiences have shaped his interest in the health and longevity sectors, particularly after losing his mother at a young age. This loss has profoundly impacted his perspective on life and mortality.
Despite the failure of MoviePass, which Watt addressed in the documentary “MoviePass, MovieCrash,” he remains determined to innovate and explore new possibilities, contemplating what he can learn and achieve in this new chapter of his career.