Hamet Watt, co-founder of MoviePass, is moving forward from the company’s significant downfall and is now raising capital for a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 with the concept of allowing moviegoers to pay a monthly fee for unlimited theater access, revealed to Business Insider that he is dedicated to his new company, Share Ventures. The venture has successfully secured nearly $20 million in funding from notable backers, including Alphabet and Amazon. Watt stated that the focus of Share Ventures will be on startups in the fields of future work and longevity.
He believes that the current landscape of venture capital, influenced by the rise of artificial intelligence and high interest rates, is ideal for exploring a “differentiated model.” As a result, Share Ventures is developing its own software and implementing complex language models to streamline its internal operations, according to Business Insider.
Watt explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively.”
He noted that many venture firms are investing in new technologies but are not fully integrating and utilizing them in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s passion for health and longevity was sparked by the early loss of his mother at the age of 25, who passed away at just 49 years old. This experience prompted him to reflect on his own mortality, a realization he admitted he was not fully aware of at the time.
Reflecting on his previous challenges with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt expressed a strong desire to innovate once again. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”