The co-founder of MoviePass, Hamet Watt, is embarking on a new journey following the company’s notable collapse. He is currently engaged in raising funds for a new venture studio aimed at developing and financing startups.
Watt, who co-founded MoviePass in 2011 with the concept of offering moviegoers unlimited access to theaters for a monthly fee, shared with Business Insider that he is now focusing his efforts on Share Ventures. The newly established company has successfully secured nearly $20 million in funding from investors, including tech giants Alphabet and Amazon. Share Ventures is targeting startups in the realms of future work and longevity.
Watt believes that the recent surge in AI technology, combined with high interest rates, has created a favorable environment for a unique venture capital approach. This has prompted Share Ventures to develop its own software alongside complex language models to streamline its internal operations. He emphasized that with this model, it requires less initial capital to identify opportunities more swiftly.
Watt noted that many venture firms are investing in emerging technologies but are not fully utilizing them. He expressed that employing novel data and automation in their processes is a distinctive advantage for his firm.
His interest in health and longevity was deeply influenced by the early loss of his mother at the age of 49 when he was just 25. This experience profoundly shaped his perspective on mortality and the importance of innovation in this sector.
Reflecting on the lessons learned from the challenges faced with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” Watt is motivated to continue innovating, stating he is eager to explore new ventures even at the risk of failure.