Hamet Watt, the co-founder of MoviePass, is moving on from the company’s dramatic downfall and is now focused on raising funds for a new venture studio aimed at supporting and developing startups.
Watt, who introduced the concept of a subscription model for unlimited movie theater access in 2011, revealed to Business Insider that he is hard at work with Share Ventures. The new company has raised nearly $20 million, backed by investors including Alphabet and Amazon. Share Ventures is concentrating on startups in the future of work and longevity sectors.
He believes the current landscape of venture capital, influenced by the AI boom and rising interest rates, is conducive to a “differentiated model,” prompting Share Ventures to develop its own software and complex language models to streamline its operations. Watt noted that smaller funds can uncover opportunities earlier, which is beneficial for building new companies with cutting-edge tools.
Watt emphasized that many venture firms are investing in new technologies but are not fully utilizing them in their practices. He highlighted the distinct approach of using novel data and automation as a defining trait of his company.
His interest in health and longevity was sparked by the loss of his mother at the age of 25, who passed away at just 49. This experience prompted him to reflect on his own mortality in ways he hadn’t previously considered.
Despite the setbacks he faced with MoviePass—issues he discusses in the documentary “MoviePass, MovieCrash”—Watt remains driven to innovate and explore new opportunities. He expressed a willingness to learn from his past experiences, embracing the possibility of both failure and success in his future endeavors.