Hamet Watt, co-founder of MoviePass, is pivoting from the company’s dramatic decline to launch a new venture studio aimed at developing and funding startups. Watt, who initiated MoviePass in 2011, envisioned a monthly subscription model providing unlimited access to movies.
In an interview with Business Insider, Watt shared that his new venture, Share Ventures, has attracted nearly $20 million in funding from notable investors, including Alphabet and Amazon. The focus of Share Ventures will be on startups that revolve around the future of work and longevity.
Watt noted that the current landscape of venture capital, influenced by the rise of AI technology and high interest rates, has created an opportunity for a novel business model. Share Ventures plans to utilize its own software and sophisticated language models to streamline internal processes and improve efficiency.
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 strategy allows them to build companies from the ground up while leveraging cutting-edge tools.
Watt highlighted that while many venture firms invest in emerging technologies, they often fail to implement and integrate them into their operations. He emphasized, “Using novel data and automation in our process is something we think is uniquely special to us.”
Personal experiences have influenced Watt’s interest in the health and longevity sector, particularly the loss of his mother at the age of 25, which prompted him to reflect on mortality.
He concluded by expressing that his journey with MoviePass has only fueled his drive to innovate, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”