The co-founder of MoviePass, Hamet Watt, is stepping away from the company’s notable demise to focus on a new venture studio aimed at supporting and funding startups. Watt, who launched MoviePass in 2011 with the vision of providing unlimited movie access for a monthly fee, is now engaged with Share Ventures.
The new enterprise has raised nearly $20 million in funding, with prominent investors including Alphabet and Amazon. Share Ventures is concentrating on startups in the work and longevity sectors. Watt believes that the current venture capital landscape, influenced by the rise of artificial intelligence and elevated interest rates, is primed for innovative models, leading his company to develop software and implement advanced language models to streamline operations.
Watt explained that smaller initial investments can yield valuable insights about business opportunities earlier in the process. He emphasized the importance of utilizing cutting-edge technology and automation in their approach, setting Share Ventures apart from many traditional firms that invest in similar technologies without truly integrating them into their processes.
His motivation for focusing on health and longevity stems from a personal loss; Watt’s mother passed away at the age of 49 when he was just 25, prompting him to reflect on mortality. He expressed that this experience has influenced his professional pursuits significantly.
While acknowledging the failure of MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt remains determined to innovate, viewing each attempt as a chance for both learning and potential success.