The co-founder of MoviePass is shifting his focus away from the company’s dramatic downturn and is in the process of raising funds for a new venture studio designed to develop and finance startups.
Hamet Watt, who co-founded MoviePass in 2011 with the innovative concept of allowing moviegoers to pay a monthly fee for unlimited theater access, shared with Business Insider that he is actively engaged with Share Ventures.
The newly established company has attracted nearly $20 million in funding, with notable investors such as Alphabet and Amazon. Watt revealed that the venture is concentrating on startups related to the future of work and longevity sectors.
He believes the current wave of artificial intelligence advancements and elevated interest rates present a unique opportunity for a venture capital model that stands apart from the norm. To this end, Share Ventures is developing its own software alongside complex language models to streamline its internal operations, as reported by Business Insider.
Watt emphasized that smaller funds are now sufficient to identify opportunities early on with less investment. “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 stated.
He noted that while many venture firms are investing in new technologies, they often fail to fully integrate and utilize them in their processes. Watt believes the innovative use of data and automation within their systems is a distinguishing factor for his company.
His interest in health and longevity was sparked by a personal tragedy—losing his mother at a young age has profoundly influenced his perspective on life and mortality.
Reflecting on his journey after the MoviePass experience, which he shared insights about in the recent documentary “MoviePass, MovieCrash,” Watt remains determined to innovate. He questioned, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”