The co-founder of MoviePass is moving forward from the company’s dramatic downfall and is now focused on raising capital for a new venture studio aimed at developing and funding startups.
Hamet Watt, who launched MoviePass in 2011 with the innovative concept of a monthly subscription for unlimited movie theater access, shared with Business Insider that he has been actively engaged with Share Ventures.
The new venture has already secured nearly $20 million in funding from prominent investors, including Alphabet and Amazon. Watt indicated that Share Ventures will primarily concentrate on startups in the work evolution and longevity sectors.
He believes the current boom in artificial intelligence and elevated interest rates have created fertile ground for a “differentiated model” in venture capital. To this end, Share Ventures is developing its proprietary software and complex language models to streamline its internal operations.
Watt noted that with reduced funding needs, it is now possible to identify promising investment opportunities much earlier and with less capital. This approach is ideal for them as they strive to build companies from the ground up while leveraging the latest tools proactively.
He remarked that while many venture firms are investing in innovative technologies, they often fail to effectively utilize them.
“Our unique approach involves using novel data and automation in our processes,” he stated.
Watt’s personal journey toward health and longevity was influenced by the loss of his mother at the young age of 25; she was only 49 when she passed away.
Losing a parent at such a young age made him confront his own mortality in ways he hadn’t previously considered.
Reflecting on his experience with MoviePass, which he recently elaborated on in the HBO documentary “MoviePass, MovieCrash,” Watt expressed a drive to continue pushing for innovation despite past failures.
He emphasized the importance of understanding personal lessons learned and the courage to pursue new ventures, acknowledging that while he may encounter failure, success is also a possibility.