Hamet Watt, co-founder of MoviePass, is moving on from the company’s dramatic decline and is now seeking funding for a new venture studio aimed at developing and supporting startups.
Watt established MoviePass in 2011, introducing a subscription model that allowed moviegoers unlimited access to theaters for a monthly fee. He recently shared with Business Insider that he has been engaged with Share Ventures, his new company which has secured nearly $20 million in financing from investors including Alphabet and Amazon. The focus of Share Ventures is on startups related to the future of work and longevity.
According to Watt, the current environment of artificial intelligence growth and rising interest rates has created an opportunity for a distinctive venture capital model. Share Ventures aims to develop its own software alongside advanced language models to streamline its operations. He emphasized that smaller investment amounts can yield significant insights into potential opportunities, allowing for earlier engagement with less capital, which is ideal for building companies from the ground up using advanced technology.
Watt noted that while many venture firms are investing in emerging technologies, they are not fully integrating or utilizing these innovations in their processes. He believes that leveraging new data and automation uniquely positions Share Ventures in the marketplace.
His interest in health and longevity was sparked by personal tragedy, having lost his mother at the age of 25. This loss prompted him to consider his own mortality more acutely.
Watt’s experience with the collapse of MoviePass, which he reflected on in the documentary “MoviePass, MovieCrash,” has only fueled his determination to innovate. He contemplates the lessons learned from the past and is eager to explore new ventures, accepting that while failure is a possibility, success is also within reach.