The co-founder of MoviePass is moving forward from the company’s notable collapse and is now focused on raising funds for a new venture studio aimed at supporting the development and funding of startups.
Hamet Watt, who co-founded MoviePass in 2011 with the concept of allowing movie enthusiasts to pay a monthly fee for unlimited access to cinemas, shared with Business Insider that he has been diligently working at Share Ventures.
The new company has managed to secure nearly $20 million in funding with notable investors including Alphabet and Amazon. Watt indicated that the venture is concentrating on startups in the areas of the future of work and longevity.
He believes that the current landscape influenced by the AI surge and elevated interest rates has created an opportunity for a “differentiated model,” which has led Share Ventures to develop its own software and complex language models to streamline its internal operations.
Watt explained, “You don’t need as large of funds, and you can identify an opportunity much earlier with significantly less capital. For us, that’s advantageous because we are building companies from the ground up using the most advanced tools available.”
He also noted that many venture firms are investing in new technologies but are not fully utilizing or embodying them.
“Integrating unique data and automation in our processes is something we consider remarkably distinctive,” he added.
Watt’s interest in health and longevity was sparked by the loss of his mother at the age of 25, who passed away at just 49 years old.
“Experiencing the loss of my mother at a young age makes you contemplate your own mortality in a way I wasn’t fully aware of back then,” he remarked.
He stated that his experiences with MoviePass, which he has recently addressed in the documentary “MoviePass, MovieCrash,” have only fueled his desire to continue innovating.
“What have I learned, and what am I bold enough to pursue now—perhaps face failure, but also the possibility of success?” he reflected.