Hamet Watt, co-founder of MoviePass, is pivoting away from the company’s notable collapse and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who introduced the concept of a subscription service for unlimited movie viewings in 2011, recently shared with Business Insider that he is actively working on Share Ventures. The new company has attracted nearly $20 million in funding from notable investors, including Alphabet and Amazon. Share Ventures will concentrate on startups within the realms of future work and longevity.
Watt believes that the current landscape of venture capital, influenced by the AI boom and high interest rates, is suitable for a unique investment model. To this end, Share Ventures plans to develop its own software and utilize advanced language models to streamline its internal operations. He noted that smaller amounts of capital can yield significant insights into opportunities earlier in the process, which is advantageous for building companies from the ground up.
He expressed that many venture firms invest in emerging technologies but do not fully leverage or integrate those technologies into their practices. Watt emphasized their commitment to employing innovative data and automation in their processes, stating this approach is distinctive to Share Ventures.
Watt’s interest in health and longevity stems from a personal tragedy; he lost his mother at the age of 25 when she was just 49. This experience prompted him to confront his own mortality in ways he hadn’t previously considered.
Reflecting on his experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt noted that his setbacks have only fueled his desire to pursue new innovations. He expressed curiosity about what he has learned and the courage needed to explore new ventures, regardless of the risk of failure.