Hamet Watt, co-founder of the now-defunct MoviePass, is shifting his focus from the company’s downfall to launching a new venture studio aimed at developing and funding startups. Watt, who introduced the subscription model for unlimited movie access in 2011, has founded Share Ventures, which has already raised nearly $20 million with investment from notable backers such as Alphabet and Amazon.
Share Ventures intends to concentrate on startups related to the future of work and longevity. Watt believes the current landscape, shaped by the AI boom and high interest rates, offers a unique opportunity for a more innovative approach in venture capital. According to him, this involves creating proprietary software and utilizing advanced language models to enhance their operational efficiency.
He emphasized that startups don’t require as much funding now and can be evaluated for potential much earlier in the investment process, reducing the need for large capital investments. “We’re building companies from scratch and using all of the most advanced tools to do that proactively,” Watt stated.
While many venture firms are investing in new technologies, Watt mentioned that few are effectively integrating and utilizing these innovations within their own operations. He expressed that employing novel data and automation in their investment process sets Share Ventures apart.
Watt’s personal journey into health and longevity was influenced by the loss of his mother at a young age, which prompted him to reflect on life and mortality. He recently recounted his experiences with MoviePass in the documentary “MoviePass, MovieCrash,” where he discussed the lessons learned from the company’s failure and his determination to continue innovating despite potential setbacks.