The co-founder of MoviePass is embarking on a new journey following the company’s dramatic downfall, as he seeks to raise funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who co-founded MoviePass in 2011 with the vision of providing moviegoers unlimited access to theaters for a monthly fee, shared with Business Insider that he is now focused on Share Ventures. This new enterprise has attracted nearly $20 million in funding from notable investors, including Alphabet and Amazon. Watt indicated that the venture aims to support startups in sectors related to the future of work and health longevity.
He believes that the current boom in artificial intelligence and the prevailing high interest rates have created conditions favorable for a differentiated business model. As a result, Share Ventures is developing its own software alongside sophisticated language models to streamline its operations, according to Business Insider.
“You don’t need as large of funds, and you can gauge opportunities much earlier with less capital,” Watt explained. “For us, that’s advantageous because we’re building companies from the ground up using the most advanced tools available.”
Watt pointed out that many venture capital firms may be investing in new technologies but are not fully utilizing them within their operations. “Incorporating novel data and automation into our processes is something we believe sets us apart,” he stated.
His interest in health and longevity was sparked by the early loss of his mother when he was just 25 years old. Her passing at the age of 49 prompted him to reflect on his own mortality in a profound way.
“My experience of losing my mom at such a young age forced me to confront thoughts of my own mortality, feelings I may not have been aware of then,” he remarked.
Watt’s setbacks with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” have fueled his determination to innovate rather than deter him. “I ask myself what I’ve learned and what risks I’m willing to take now — to possibly fail, but also to potentially succeed,” he concluded.