The co-founder of MoviePass is moving forward after the dramatic decline of the company and is now seeking funding for a new venture studio aimed at developing and supporting startups.
Hamet Watt, who launched MoviePass in 2011 with the concept of offering moviegoers unlimited access to theaters for a monthly fee, shared with Business Insider his ongoing efforts at Share Ventures. This new initiative has already attracted nearly $20 million in investment from notable partners including Alphabet and Amazon. Watt indicated that the focus of Share Ventures would be on startups within the fields of the future of work and longevity.
Watt believes that the current AI boom and elevated interest rates have created an opportunity in venture capital for a unique approach. Share Ventures plans to develop its own software along with sophisticated language models to streamline its operations. He explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach allows them to build companies from scratch while leveraging advanced tools proactively.
He emphasized that while many venture firms are investing in new technologies, they are not necessarily utilizing these innovations in their operations. Watt aims to differentiate Share Ventures through the use of unique data and automation.
His personal experience, having lost his mother at a young age, has influenced his interest in health and longevity. He reflected, “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time.”
Despite the challenges faced by MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt remains driven to innovate. 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?”