The co-founder of MoviePass is moving forward from the company’s notable downfall and is working on raising funds for a new venture studio aimed at supporting the development and funding of startups.
Hamet Watt, who founded MoviePass in 2011 with the revolutionary concept of providing moviegoers unlimited access to theaters for a monthly fee, has shared with Business Insider that he is now focused on a new initiative called Share Ventures.
The new venture has almost secured $20 million in funding, with notable investors such as Alphabet and Amazon backing it. Watt indicated that Share Ventures will prioritize startups in the areas of the future of work and longevity.
He believes that the current surge in artificial intelligence and the state of high interest rates have created an opportunity for venture capital with a “differentiated model.” Consequently, Share Ventures is developing its own software and utilizing complex language models to streamline 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.” This approach is advantageous for building companies from the ground up while leveraging the latest tools available.
He pointed out that while many venture firms are investing in new technologies, they are not necessarily implementing or utilizing them effectively. Watt emphasized that incorporating novel data and automation into their processes is a unique advantage for Share Ventures.
His personal interest in health and longevity was sparked by the loss of his mother at the age of 25, a formative experience that made him reflect on mortality.
Watt’s experience with MoviePass, which he recently recounted in the documentary “MoviePass, MovieCrash,” has only fueled his desire to continue innovating. He expressed a commitment to learning from past experiences and is open to the possibilities of both success and failure in his new endeavors.