The co-founder of MoviePass, Hamet Watt, is moving on from the company’s demise to establish a new venture studio aimed at supporting and funding startups. Watt, who launched MoviePass in 2011, developed a subscription model allowing moviegoers to watch unlimited films for a monthly fee. He recently announced that his new endeavor, Share Ventures, has already raised nearly $20 million, with notable backers including Alphabet and Amazon.
Watt revealed that Share Ventures will concentrate on startups in sectors related to the future of work and longevity. He believes the current landscape, influenced by the AI surge and elevated interest rates, presents an opportunity for a distinct venture capital approach. This involves creating proprietary software and advanced language models to streamline internal processes.
He remarked on the shift in venture funding dynamics, stating, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” Watt emphasized the importance of using cutting-edge technologies in their development process, which he believes sets them apart from many other venture firms that are simply investing in new technologies without fully integrating them.
Watt’s personal experience with loss, particularly after the passing of his mother at a young age, has fueled his interest in health and longevity. He expressed that such experiences promote a deeper reflection on mortality and the importance of what he aims to achieve moving forward.
He is motivated by the lessons learned from his past, including the challenges faced with MoviePass, and remains determined to innovate. Watt’s philosophy focuses on the potential for both failure and success as he embarks on this new venture.