The co-founder of MoviePass is moving forward from the company’s dramatic downfall and is currently raising funds for a new venture studio aimed at developing and supporting startups.
Hamet Watt, who co-founded MoviePass in 2011 with the concept of providing moviegoers with unlimited access to theaters for a monthly fee, revealed to Business Insider that he has been busy with Share Ventures. This new venture has raised nearly $20 million, with financial backing from prominent companies like Alphabet and Amazon. Watt stated that the focus of Share Ventures will be on startups in the fields of future work and longevity.
Watt believes that the current environment, influenced by the AI boom and high interest rates, presents an opportunity for a unique approach to venture capital. Share Ventures plans to develop its own software along with advanced language models to automate operational processes, which he noted can reduce the need for large funding amounts and allow for earlier identification of potential opportunities.
He mentioned that while many venture firms invest in new technologies, they often do not fully utilize them. He emphasized that incorporating novel data and automation in their operations sets his approach apart.
Personal experiences have driven Watt’s interest in health and longevity, particularly after he lost his mother at the age of 25 when she was just 49. This loss prompted him to reflect on his own mortality in ways he hadn’t considered earlier.
Watt’s previous experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” has only fueled his determination to pursue innovation. He expressed a mindset of learning from his experiences and having the courage to take new risks, whether that leads to success or failure.