The co-founder of MoviePass is moving forward from the company’s dramatic downfall and is currently raising funds for a new venture studio aimed at developing and supporting startups.
Hamet Watt, who co-founded MoviePass in 2011 with the innovative concept that moviegoers could pay a monthly subscription for unlimited theater access, has been focusing his efforts on Share Ventures. He shared with Business Insider that the new firm has secured nearly $20 million in funding from notable investors, including Alphabet and Amazon. Share Ventures will concentrate on startups in the fields of work innovation and health longevity.
Watt believes that the rise of artificial intelligence and high-interest rates have created favorable conditions in the venture capital landscape for a unique operational model. This is why Share Ventures plans to develop its own software and utilize complex language models to streamline its internal processes. He remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He expressed that this is beneficial as the company seeks to build startups from the ground up while employing advanced tools proactively.
Watt noted that while many venture firms are investing in emerging technologies, not all of them are fully utilizing these innovations. He emphasized, “Using novel data and automation in our process is something we think is uniquely special to us.”
The motivation behind Watt’s interest in health and longevity stems from a personal loss; he lost his mother at the age of 25 when she was just 49. He reflected on how such a loss made him acutely aware of his own mortality.
Despite the challenges faced during the MoviePass venture, which he recently reflected on in the documentary “MoviePass, MovieCrash,” Watt remains committed to innovation and is eager to embrace new opportunities, regardless of the potential for failure. He summed up his outlook by asking himself, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”