The co-founder of MoviePass is moving on from the company’s dramatic downfall and is now seeking funding for a new venture studio aimed at developing and financing startups.
Hamet Watt, who launched MoviePass in 2011 with the innovative idea of offering moviegoers a subscription for unlimited access to theaters, has shared with Business Insider that he is focused on his new company, Share Ventures. The startup has already secured nearly $20 million in funding, with investors including Alphabet and Amazon. Watt explained that Share Ventures will concentrate on startups related to the future of work and health longevity.
He believes that the current landscape, characterized by the rise of artificial intelligence and high interest rates, presents a unique opportunity for a distinctive investment model. As a result, Share Ventures is developing its own software and leveraging advanced language models to improve its internal operations.
Watt noted, “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 it allows the company to build ventures from the ground up while utilizing cutting-edge tools.
Watt pointed out that while many venture firms are investing in emerging technologies, they often fail to integrate these innovations into their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
The personal experience of losing his mother at a young age influenced Watt’s interest in health and longevity. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Despite the setbacks he faced with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains determined to innovate. He reflected on his journey, asking himself what lessons he has learned and expressing a readiness to take risks in the pursuit of success.