The co-founder of MoviePass is embarking on a new journey after the company’s notable collapse, focusing on a venture studio that aims to nurture and finance startups.
Hamet Watt, who co-founded MoviePass in 2011 with the concept of offering moviegoers a subscription for unlimited theater access, revealed to Business Insider that he has been diligently working on Share Ventures. The new firm has raised nearly $20 million in investment, with key support from major companies such as Alphabet and Amazon. Share Ventures is directing its efforts towards startups in the domains of future work and longevity.
Watt believes the current market, characterized by the AI revolution and high interest rates, is ideal for a unique venture investment model. Consequently, Share Ventures is developing its own software along with sophisticated language models to streamline its operations, as reported by Business Insider.
He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” emphasizing the advantage of building companies with cutting-edge tools from the outset.
Watt pointed out that while many venture firms are investing in innovative technologies, they are not fully integrating or utilizing them within their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he said.
His personal interest in health and longevity was sparked by the early loss of his mother at the age of 25, who passed away at just 49. This experience has profoundly influenced his perspective on life and mortality.
Reflecting on his past experiences with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt expressed that such setbacks only fuel his determination to continue innovating. He posed the question, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”