The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s dramatic downfall and is now aiming to raise funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the innovative concept of providing moviegoers with unlimited theater access for a monthly fee, spoke with Business Insider about his new project, Share Ventures.
The new venture has already secured nearly $20 million in funding from investors including Alphabet and Amazon. Watt is directing Share Ventures toward startups that focus on the future of work and longevity.
He believes the current landscape of high interest rates and the AI boom has created opportunities for a distinct venture capital model, which is why Share Ventures is also developing its own software and complex language models to facilitate its operations, as reported by Business Insider.
Watt explained, “With less capital, you don’t need as large of funds, and you can identify opportunities much earlier.” This approach allows him to build businesses from the ground up while utilizing cutting-edge tools.
Watt pointed out that many venture firms are pouring money into new technologies without actually embracing or implementing them. He emphasized that employing innovative data and automation sets his firm apart.
His interest in health and longevity was sparked by personal tragedy, having lost his mother at the age of 25 when she was only 49. “Experiencing such a loss at a young age makes you acutely aware of your own mortality,” he reflected.
Despite the collapse of MoviePass, which he has recently discussed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate. He expressed, “I ask myself what I’ve learned and what risks I’m willing to take now—whether I might fail or succeed this time.”