The co-founder of MoviePass, Hamet Watt, is shifting focus from the company’s notable decline to raise funds for a new venture studio aimed at developing and financing startups.
Watt, who co-founded MoviePass in 2011 to allow moviegoers unlimited access to theaters for a monthly fee, has been actively working on Share Ventures. The new company has attracted nearly $20 million in funding from prominent investors, including Alphabet and Amazon. Watt indicated that Share Ventures will concentrate on startups in the sectors of future work and longevity.
He believes that the surge in artificial intelligence and high interest rates have created an opportunity for a distinctive venture capital model. Share Ventures is developing its own software along with complex language models to streamline its internal operations, aiming to seize opportunities with less capital than traditional ventures typically require.
Watt commented on the trend among venture firms, noting, “A lot of venture firms are investing in these new technologies, but they’re not really embodying and using them.” He emphasized that employing innovative data and automation is a unique aspect of their approach.
The loss of his mother at a young age has profoundly influenced Watt’s interest in health and longevity. He reflected, “When you lose your mom at a young age, it forces you to think about your own mortality.”
Watt’s experiences with MoviePass, which were recently explored in the documentary “MoviePass, MovieCrash,” have only spurred his determination to innovate. He expresses a willingness to risk failure in pursuit of new ventures, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”