The co-founder of MoviePass is moving forward after the company’s notable downfall and is currently raising funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who co-founded MoviePass in 2011 with the innovative concept of allowing moviegoers to pay a monthly fee for unlimited theater access, shared with Business Insider that he has been diligently working at Share Ventures.
The new venture has secured nearly $20 million in funding, with prominent backers including Alphabet and Amazon. Watt noted that the focus of Share Ventures will be on startups in the areas of future work and longevity.
He believes that the current AI boom and elevated interest rates have created a suitable environment for a “differentiated model” in venture capital. As a result, Share Ventures is developing its own software and complex language models to streamline its internal processes, as reported by Business Insider.
“You don’t need as large of funds, and you can get signals on opportunities much earlier with much less capital,” he stated. “For us, that’s beneficial because we’re building companies from scratch while leveraging the most advanced tools available.”
Watt expressed that many venture firms are investing in innovative technologies but are not fully integrating and utilizing them.
“We believe that our unique approach of incorporating novel data and automation into our processes sets us apart,” he added.
Watt’s interest in health and longevity was sparked by the loss of his mother when he was just 25 years old; she was only 49 at the time of her passing.
“The early loss of my mother compelled me to reflect on my own mortality in ways I had not previously considered,” he remarked.
Despite the challenges he faced with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate.
He stated, “What have I learned, and what am I willing to attempt now — knowing I might fail, but also have the chance to succeed?”