The co-founder of MoviePass is moving past the company’s downfall and is now focused on raising funds for a new venture studio aimed at 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 that he has been diligently working on Share Ventures.
The new firm has already secured nearly $20 million in funding, with investment from major players like Alphabet and Amazon. Watt explained that Share Ventures is concentrating on startups in the sectors of future work and longevity.
He noted that the current AI boom and rising interest rates have created an opportunity for a unique venture capital approach, which is why Share Ventures plans to develop its own software along with sophisticated language models to streamline its operations, as reported by Business Insider.
Watt remarked, “You don’t need as large of funds, and you can identify opportunities much earlier with less capital.” He believes this is advantageous for their goal of building companies from the ground up while utilizing cutting-edge tools effectively.
Watt also pointed out that while many venture firms are investing in new technologies, they are not fully integrating or utilizing them in their processes.
“Our approach of leveraging novel data and automation is something we consider distinctively ours,” he added.
Watt’s interest in health and longevity was sparked by the loss of his mother at the age of 25, who passed away at just 49.
“Losing my mother at a young age made me confront my own mortality in a way I may not have been aware of before,” he reflected.
Despite the challenges faced with MoviePass, which he discusses in the documentary “MoviePass, MovieCrash,” Watt is motivated to continue innovating.
“What lessons have I learned, and what do I now have the courage to pursue — whether it ends in failure or success?” he said.