The co-founder of MoviePass is moving beyond the company’s notable decline and is working on a new venture studio aimed at developing and funding startups.
Hamet Watt, who established MoviePass in 2011 with the innovative concept of allowing moviegoers to pay a monthly fee for unlimited theater access, has been diligently focused on Share Ventures, his new company. In an interview with Business Insider, Watt revealed that Share Ventures has successfully raised nearly $20 million, with investments from notable backers including Alphabet and Amazon. The firm is concentrating on startups in the realms of future work and longevity.
Watt believes that the current landscape of venture capital, influenced by the surge of artificial intelligence and rising interest rates, requires a distinctive approach. Share Ventures is not only creating its own software but is also developing complex language models to streamline its internal processes, according to Business Insider.
He mentioned, “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.”
Watt observed that while many venture firms are investing in new technologies, they often do not integrate or utilize them effectively. He emphasized that leveraging innovative data and automation in their processes distinguishes Share Ventures from others.
Watt’s interest in health and longevity stems from personal loss; he lost his mother at the young age of 25, which deeply impacted his perspective on life and mortality.
Reflecting on his experiences with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt noted that setbacks only fuel his desire to innovate. He is now motivated by the question of what he can learn and what risks he is willing to take in pursuit of success.