Hamet Watt, one of the co-founders of MoviePass, is moving forward from the company’s notable downfall and is in the process of raising funds for a new venture studio aimed at developing and financing startups.
Watt, who established MoviePass in 2011 with the concept that movie enthusiasts could pay a monthly fee for unlimited theater access, shared with Business Insider that he has been diligently working at Share Ventures.
The new venture has garnered nearly $20 million in funding from investors including Alphabet and Amazon. Watt indicated that Share Ventures is concentrating on startups related to the future of work and advancements in longevity.
He believes that the current wave of innovation in artificial intelligence and elevated interest rates have created a favorable environment for a “differentiated model” within venture capital, prompting Share Ventures to develop its own software and complex language models to streamline its internal processes.
“You don’t need as large of funds, and you can acquire insight on opportunities much earlier with significantly less capital,” Watt explained. “For us, that’s advantageous because we’re constructing companies from the ground up and leveraging cutting-edge tools proactively.”
Watt noted that while many venture firms are investing in new technologies, they often do not integrate these innovations into their operational processes.
“Utilizing novel data and automation within our methodology is something we believe is distinctly advantageous to us,” he added.
His interest in health and longevity stems from the loss of his mother at the age of 25 when she was just 49 years old.
“Losing my mom at a young age prompts a deeper contemplation of mortality, which I may not have fully recognized at that time,” he remarked.
Watt indicated that his experiences with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” have only fueled his desire to innovate further.
“What lessons have I learned, and what courage do I possess to venture out now and take risks — even if it means facing failure, or ultimately achieving success?” he reflected.