The co-founder of MoviePass is moving past the company’s notable decline and is now raising funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who launched MoviePass in 2011, introduced the concept of allowing moviegoers to pay a monthly subscription for unlimited access to theaters. He recently informed Business Insider that he has been dedicating his efforts to Share Ventures.
The new firm has already secured nearly $20 million in funding, with notable investors including Alphabet and Amazon. Watt explained that Share Ventures is concentrating on startups focused on the future of work and longevity sectors.
He believes that the current AI boom and elevated interest rates have positioned venture capital for a fresh approach, which is why Share Ventures aims to develop its own software alongside advanced language models to streamline internal operations.
Watt pointed out, “You don’t need as large of funds, and you can gain insight into an opportunity much earlier with significantly less capital.” He emphasized that this approach is advantageous for creating new companies from the ground up, utilizing the latest tools proactively.
He noted that, while many venture firms are investing in emerging technologies, they often do not actively integrate or utilize them in their operations.
Watt highlighted the unique advantage of leveraging innovative data and automation in their processes.
His interest in health and longevity was sparked by the loss of his mother at a young age when he was just 25, and she was 49 at the time of her passing. “Losing your mom at a young age compels you to reflect on your own mortality in a way that might not have been apparent before,” he remarked.
Despite his previous challenges with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” he remains motivated to innovate. Watt stated, “What have I learned, and what do I have the courage to attempt now — and perhaps fail, but also potentially succeed?”