Hamet Watt, co-founder of the defunct MoviePass, is embarking on a new journey with his startup venture studio, Share Ventures, which aims to support and fund emerging startups.
Watt, who launched MoviePass in 2011, a revolutionary subscription service for moviegoers, has announced that his new company has successfully raised nearly $20 million in funding, attracting investment from notable supporters including Alphabet and Amazon. Share Ventures will concentrate on businesses within the realms of future work and health longevity.
He believes that the current landscape of venture capital, influenced by the surge in artificial intelligence and rising interest rates, is ideal for innovative approaches. Watt stated that Share Ventures is developing its own software along with advanced language models to enhance internal processes and decision-making.
Watt commented, “You don’t need as large of funds, and you can get a signal on an opportunity much earlier with much less capital. For us, that’s a great thing because we’re building companies from scratch and utilizing all of the most advanced tools to do that proactively.”
While many venture firms are investing in new technologies, Watt feels that few are fully integrating and utilizing them. He emphasized the uniqueness of Share Ventures’ approach, highlighting the innovative use of data and automation in their processes.
His personal interest in health and longevity was sparked after the loss of his mother at the young age of 49. Watt reflected, “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.”
Despite the challenges faced with MoviePass, which he recently examined in the documentary “MoviePass, MovieCrash,” Watt remains motivated to pursue innovation. He concluded by expressing a commitment to learning from his past experiences and continuing to explore new opportunities, regardless of the possibility of failure.