Hamet Watt, co-founder of the failed subscription service MoviePass, is moving forward by launching a new venture studio aimed at supporting and funding startups. Watt recently spoke with Business Insider about his new company, Share Ventures, which has successfully raised nearly $20 million from investors, including major players like Alphabet and Amazon.
Since launching MoviePass in 2011, where customers could pay a monthly fee for unlimited movie theater access, Watt has shifted his focus to developing startups in the areas of work innovation and longevity. He believes the current landscape of venture capital, influenced by the rise of artificial intelligence and high interest rates, presents an opportunity for a unique investment model. Share Ventures plans to develop its own software and advanced language models to streamline operations.
Watt remarked that smaller funding requirements allow for quicker ability to identify promising opportunities. He emphasized that their approach, which incorporates novel data and automation, sets them apart from other venture firms that are investing in similar technologies without fully integrating them into their own processes.
The personal loss of his mother at a young age has profoundly shaped Watt’s interest in health and longevity. He mentioned how such experiences can prompt introspection about mortality and motivate an individual to pursue meaningful innovation.
Despite the downfall of MoviePass, highlighted in the documentary “MoviePass, MovieCrash,” Watt expresses a renewed determination to innovate, viewing both success and failure as integral to the entrepreneurial journey.