Hamet Watt, co-founder of MoviePass, is moving forward from the company’s notable collapse and is now focused on raising capital for a new venture studio aimed at supporting and financing startups.
Watt co-founded MoviePass in 2011, presenting the innovative concept that allowed movie enthusiasts to pay a monthly fee for unlimited access to theaters. He revealed to Business Insider that he is diligently working with Share Ventures, which has already secured nearly $20 million in funding from notable investors, including Alphabet and Amazon. The firm aims to concentrate on startups within the realms of work innovation and longevity.
Watt believes that the current AI surge and elevated interest rates create a favorable environment for a unique investment model. As a result, Share Ventures is not only developing its own software but also employing advanced language models to streamline internal operations, as reported by Business Insider.
He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” explaining how this approach is beneficial for their goal of building companies from the ground up using cutting-edge tools.
Watt also noted that while many venture firms are investing in new technologies, they are not necessarily utilizing them effectively. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
His interest in health and longevity sprouted from a personal loss, as he lost his mother at the age of 25, which made him reflect on mortality. “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,” he shared.
Despite the failure of MoviePass, which Watt discussed in the documentary “MoviePass, MovieCrash,” he remains undeterred and motivated to innovate. He expressed a continued drive to explore new ventures, embracing the possibility of failure alongside the potential for success.