The co-founder of MoviePass is moving past the company’s significant collapse and is now raising funds for a new venture studio designed to support the development and financing of startups.
Hamet Watt, who established MoviePass in 2011 with the innovative concept that moviegoers could pay a monthly fee for unlimited theater access, informed Business Insider that he has been diligently working on Share Ventures.
This new company has already secured nearly $20 million in funding, with notable investors including Alphabet and Amazon. Watt emphasized that the venture is concentrated on startups focusing on the future of work and longevity.
He believes that the current AI surge and elevated interest rates have created fertile ground for a “differentiated model” in venture capital, prompting Share Ventures to develop its own software and utilize complex language models to enhance its internal operations, as reported by Business Insider.
According to Watt, “You don’t need as large of funds, and you can identify opportunities much earlier with considerably less capital.” He sees this as advantageous since they are building companies from the ground up while employing advanced tools proactively.
Watt pointed out that while many venture firms are investing in new technologies, they are not fully embracing or utilizing them.
He added, “Utilizing novel data and automation in our process is something we consider to be uniquely special to us.”
Watt’s interest in health and longevity was sparked by the loss of his mother when he was 25 years old; she passed away at just 49.
He reflected, “Losing my mom at a young age prompted me to contemplate my own mortality in ways I wasn’t fully aware of at the time.”
Watt’s experience with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” has only strengthened his resolve to continue innovating.
He remarked, “What have I learned, and what am I willing to pursue now — with the possibility of failing, but also the chance to succeed?”