The co-founder of MoviePass is progressing beyond the company’s notable downfall and is now raising funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who launched MoviePass in 2011 with the concept of allowing moviegoers to pay a monthly fee for unlimited theater access, shared with Business Insider that he has been diligently working on Share Ventures.
This new enterprise has successfully garnered nearly $20 million in investments from supporters including Alphabet and Amazon. Watt indicated that the firm is concentrating on startups revolving around the future of work and longevity sectors.
He believes that the surge in AI and high interest rates have created opportunities for a distinct venture capital approach, prompting Share Ventures to develop proprietary software and sophisticated language models to streamline its internal operations, as reported by Business Insider.
Watt explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. For us, that’s a great thing because we’re building companies from scratch and utilizing all of the most advanced tools proactively.”
He also stated that many venture firms invest in new technologies but often do not fully integrate or utilize them. “Employing innovative data and automation in our process is something we consider uniquely special to us,” he added.
Watt’s interest in health and longevity was sparked by the loss of his mother when he was just 25 years old, as she passed away at 49. “Experiencing the loss of my mom at a young age made me reflect on my own mortality in a way I hadn’t been aware of before,” he noted.
He mentioned that his experience with the failure of MoviePass, which he recently examined in the documentary “MoviePass, MovieCrash,” has only fueled his determination to continue innovating. “What have I learned, and what do I have the courage to attempt now — and maybe fail, but perhaps succeed?” he said.