The co-founder of MoviePass is leaving behind the company’s notable downfall and is now focused on raising funds for a new venture studio aimed at developing and supporting startups.
Hamet Watt, who launched MoviePass in 2011 with the concept of providing unlimited theater access for a monthly fee, recently revealed to Business Insider that he has been diligently working on Share Ventures. This new company has already attracted nearly $20 million in funding from investors including Alphabet and Amazon. Watt emphasized that Share Ventures is targeting startups that are centered around innovative work practices and longevity.
He believes the current landscape of venture capital is conducive to a distinctive business model due to the surge in artificial intelligence and rising interest rates. As a result, Share Ventures plans to integrate software and advanced language models for automating its internal processes. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt explained. “For us, that’s a great thing because we’re building companies from scratch and leveraging advanced tools proactively.”
Watt expressed that, while many venture firms are investing in emerging technologies, few are effectively implementing and utilizing them. “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 was sparked by the loss of his mother at the age of 25, who passed away at just 49. “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,” Watt shared.
Despite his previous challenges with MoviePass, which he reflected on in the documentary “MoviePass, MovieCrash,” he remains driven to innovate and explore new opportunities. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he concluded.