Hamet Watt, a co-founder of MoviePass, is embarking on a new project after the company’s notable decline. He is raising funds for Share Ventures, a new venture studio aimed at supporting and financing startups.
Watt, who established MoviePass in 2011 with the innovative concept of a monthly subscription for unlimited movie access, shared insights with Business Insider about his latest endeavor. Share Ventures has already raised nearly $20 million, attracting investors such as Alphabet and Amazon. The company plans to focus on startups involved in the future of work and longevity sectors.
According to Watt, the current landscape of venture capital, influenced by the AI surge and high interest rates, presents opportunities for a unique investment model. As a result, Share Ventures is developing its own software and complex language models to streamline its operations. Watt emphasized that this approach allows for earlier signals on potential investments with less capital required, which is beneficial as they aim to build businesses from the ground up utilizing advanced tools.
Watt noted that while many venture firms are investing in emerging technologies, they often fail to fully integrate and utilize them within their own processes. He believes that leveraging innovative data and automation makes Share Ventures distinct.
A personal experience also drives Watt’s interest in health and longevity; he lost his mother at a young age, which prompted him to reflect on life and mortality. He explained that such a loss makes one acutely aware of their own existence in a way that is transformative.
Reflecting on the lessons learned from the downfall of MoviePass, as detailed in the documentary “MoviePass, MovieCrash,” Watt remains committed to innovation, expressing his willingness to embrace the possibility of failure in pursuit of success.