The co-founder of MoviePass is moving forward from the company’s dramatic decline and is now busy raising funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who established MoviePass in 2011 with the groundbreaking concept of allowing moviegoers to pay a monthly fee for unlimited theater access, shared with Business Insider that he is currently focused on Share Ventures.
The new venture has successfully raised nearly $20 million, with backing from notable investors including Alphabet and Amazon. Watt emphasized that the studio will concentrate on startups in the fields of work and longevity.
He noted that the current boom in artificial intelligence combined with high interest rates has created an environment where venture capital opportunities are more conducive to a distinctive approach. This is why Share Ventures plans to develop its own software alongside complex language models to streamline its operations.
Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively.”
He remarked that many venture firms are investing in new technologies but are not fully utilizing them in their processes. Watt believes that leveraging innovative data and automation sets their approach apart.
His personal interest in health and longevity stems from a profound loss he experienced at a young age, when he lost his mother at just 25. This loss has influenced his perspective on mortality and the drive to innovate.
Watt’s previous experience with MoviePass, which he highlighted in the documentary “MoviePass, MovieCrash,” has only fueled his determination to innovate. He reflects on this journey, contemplating what he has learned and considering the risks of pursuing new ventures, acknowledging that while he may fail, there is also the potential for success.