The co-founder of MoviePass is embarking on a new journey following the company’s notable decline, as he seeks to raise funds for a new venture studio aimed at supporting and developing startups.
Hamet Watt, who co-founded MoviePass in 2011 with the innovative concept of offering moviegoers unlimited theater access for a monthly fee, spoke to Business Insider about his current efforts at Share Ventures. The new venture has successfully garnered nearly $20 million in funding with investments from notable backers such as Alphabet and Amazon. Watt indicated that Share Ventures will concentrate on startups within the realms of future work and longevity.
He believes that the current landscape shaped by the AI revolution and high interest rates presents an opportunity for a “differentiated model” in venture capital. Due to this, Share Ventures is developing its own software and employing sophisticated language models to streamline internal operations, as reported by Business Insider.
Watt expressed confidence in this approach, stating, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This strategy enables them to build companies from the ground up while utilizing advanced tools proactively.
He pointed out that although many venture firms are investing in new technologies, they aren’t fully integrating and utilizing them. Watt emphasized, “Using novel data and automation in our process is something we think is uniquely special to us.”
Watt’s motivation to focus on health and longevity was deeply personal, stemming from the loss of his mother when he was 25. Reflecting on that experience, he noted, “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.”
His previous challenges with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” have only fueled his desire to continue innovating. He remarked on the importance of learning from failures and having the courage to pursue new ventures, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”