The co-founder of MoviePass is moving forward from the company’s dramatic demise and is now seeking funding for a new venture studio aimed at helping develop and finance startups.
Hamet Watt, who established MoviePass in 2011 with the innovative concept of offering moviegoers unlimited access to theaters for a monthly fee, revealed to Business Insider that he has been busy with Share Ventures.
The new venture has raised nearly $20 million, with support from entities such as Alphabet and Amazon. Watt explained that Share Ventures is concentrating on startups in the areas of future work and longevity.
He believes that the current surge in AI and elevated interest rates have created an environment favorable for a “differentiated model,” which is why Share Ventures is developing its own software and complex language models to streamline its internal processes, according to Business Insider.
Watt emphasized that smaller funds can yield significant opportunities with less capital, stating, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He highlighted that this is advantageous for Share Ventures as they aim to build companies from the ground up, utilizing cutting-edge tools proactively.
He noted that many venture firms are investing in new technologies but are not fully adopting them. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
Watt’s interest in health and longevity was sparked by personal tragedy; he lost his mother at the age of 25 when she was just 49. He reflected, “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time.”
Despite the setbacks with MoviePass, which he recently examined in the documentary “MoviePass, MovieCrash,” Watt remains driven to continue innovating. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he stated.