The co-founder of MoviePass, Hamet Watt, is embarking on a new journey after the company’s notable collapse. He is now raising funds for a venture studio called Share Ventures, aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the revolutionary concept allowing moviegoers to enjoy unlimited theater access for a monthly subscription, revealed to Business Insider that he has been diligently working on this new venture. Share Ventures has already secured nearly $20 million in funding, attracting investors like Alphabet and Amazon. The company’s focus is primarily on startups related to future work and longevity.
Watt believes the current climate, influenced by the AI boom and elevated interest rates, presents a unique opportunity for venture capitalists to adopt a distinct model. Share Ventures is set to develop its own software and complex language models to streamline processes internally. He expressed that smaller funds allow for quicker identification of opportunities with less capital, which is beneficial as they aim to build companies from the ground up using advanced tools.
He pointed out that while many venture firms are investing in new technologies, they often do not incorporate or utilize them in their operations. According to Watt, leveraging innovative data and automation distinguishes Share Ventures from others in the industry.
A personal tragedy has fueled Watt’s interest in health and longevity; he lost his mother at the young age of 25 when she was only 49. This experience instilled in him a heightened awareness of mortality.
Reflecting on his experiences with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt stated that the lessons learned and his willingness to venture into new territories, regardless of the possibility of failure, continue to drive his entrepreneurial spirit.