The co-founder of MoviePass is moving on from the company’s notable downfall and is now seeking investments for a new venture studio aimed at developing and funding startups.
Hamet Watt, who launched MoviePass in 2011 with the concept that moviegoers could enjoy unlimited access to theaters for a monthly fee, revealed to Business Insider that he is actively working on Share Ventures.
The new venture has attracted nearly $20 million in funding from investors including Alphabet and Amazon. Watt indicated that the focus of Share Ventures is on startups involved in future work and longevity.
He believes that the current landscape of venture capital, influenced by the AI surge and rising interest rates, is ideal for a unique business model. This is why Share Ventures is developing its own software along with advanced language models to streamline its internal operations, as reported by Business Insider.
According to Watt, this approach allows for smaller funding needs and earlier detection of promising opportunities with less investment. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively,” he mentioned.
Watt observed that while many venture firms are investing in new technologies, they are not fully integrating or utilizing them in their operations. He expressed that their method of using innovative data and automation is distinctively beneficial for Share Ventures.
His interest in health and longevity was sparked by a personal tragedy, losing his mother when he was just 25, as she passed away at the age of 49. This experience made him acutely aware of his own mortality.
Reflecting on his journey, Watt explained, “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time.”
Despite the setbacks with MoviePass, which he elaborated on in the documentary “MoviePass, MovieCrash,” Watt is determined to continue innovating. He concluded by questioning what he has learned and expressing his readiness to take on new challenges, acknowledging the possibility of both failure and success.