The co-founder of MoviePass is moving forward after the company’s dramatic downfall and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who established MoviePass in 2011 with the innovative concept of offering unlimited theater access for a monthly fee, shared his efforts with Business Insider regarding his new company, Share Ventures.
Share Ventures has already attracted nearly $20 million in funding from notable investors, including Alphabet and Amazon. Watt noted that the company is concentrating on startups that focus on the future of work and longevity sectors.
He believes that the current landscape, marked by an AI surge and high-interest rates, represents an ideal moment for a distinct venture capital model. Consequently, Share Ventures is developing its own software and utilizing sophisticated language models to streamline its internal operations.
Watt remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He identified this as a significant advantage, as the firm is building companies from the ground up while leveraging advanced tools.
Highlighting a trend in venture capital, Watt observed that while many firms are investing in new technologies, they often fail to fully incorporate and utilize them within their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he explained.
Watt’s personal experience with health and longevity was influenced by the loss of his mother when he was just 25, an event that prompted deep reflections on mortality.
The lessons learned from the setbacks of MoviePass, which he recently revisited in the documentary “MoviePass, MovieCrash,” have only fueled his desire 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 concluded.