The co-founder of MoviePass is moving past the company’s dramatic downfall and is currently focused on raising funds for a new venture studio aimed at assisting startups in their development and funding.
Hamet Watt, who launched MoviePass in 2011 with the goal of allowing movie enthusiasts to pay a monthly fee for unlimited theater access, shared with Business Insider that he is diligently working on Share Ventures. This new enterprise has already attracted nearly $20 million in investments, with notable support from companies like Alphabet and Amazon. Watt indicated that Share Ventures is concentrating on startups in the work and longevity sectors.
He believes that the rising prominence of artificial intelligence and higher interest rates have created a conducive environment for venture capital to adopt a “differentiated model.” To this end, Share Ventures is integrating its own software with advanced language models to enhance automation in its internal processes.
Watt explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He emphasized that this approach is beneficial as they aim to build companies from the ground up using the latest technological tools.
He also remarked that while many venture firms are investing in innovative technologies, they are not effectively utilizing these advancements in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he noted.
Watt’s personal motivation in the health and longevity sector stems from the loss of his mother at a young age, which profoundly impacted his perspective on life and mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Despite the setback of MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt is driven to continue innovating. He concluded, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”