The co-founder of MoviePass is moving ahead from the company’s notable downfall and is in the process of raising funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who co-founded MoviePass in 2011 with the concept that moviegoers could pay a monthly fee for unlimited access to theaters, shared with Business Insider that he is now focused on Share Ventures.
The newly established company has already amassed nearly $20 million in funding, with notable investors including Alphabet and Amazon. Watt mentioned that Share Ventures is concentrating on startups within the realms of future work and longevity.
He believes the current landscape, with the rise of AI and elevated interest rates, has created a favorable environment for a “differentiated model” in venture capital. Consequently, Share Ventures is developing its own software along with complex language models to streamline internal operations.
“You don’t need as large of funds, and you can identify opportunities much earlier with significantly less capital,” he explained. “This is advantageous for us as we are essentially building companies from the ground up, employing the most advanced tools available.”
Watt pointed out that while many venture firms are investing in new technologies, they often don’t fully leverage or implement these innovations.
“Utilizing novel data and automation in our processes sets us apart,” he noted.
Watt’s personal experiences, particularly the loss of his mother at a young age, have fueled his interest in health and longevity initiatives. She passed away at just 49, prompting him to reflect on his own life and mortality.
“When you lose a parent at a young age, it compels you to think about your own mortality in a way that may not have occurred to you otherwise,” he remarked.
Despite the challenges faced with MoviePass, which he recounted in the documentary “MoviePass, MovieCrash,” Watt remains motivated to push for innovation.
He stated, “What have I learned, and what do I have the courage to attempt now — and perhaps fail, but maybe succeed?”