Hamet Watt, co-founder of MoviePass, is pivoting from the company’s notable downfall to launch a new venture studio aimed at cultivating and funding startups. Watt, who introduced the concept of a subscription-based model for moviegoers in 2011, has announced that his new enterprise, Share Ventures, has already raised nearly $20 million in funding from notable backers including Alphabet and Amazon.
Share Ventures will concentrate on startups in the areas of future work and longevity. Watt expresses his belief that the current landscape of venture capital is primed for a distinct approach, particularly due to the surge of interest in artificial intelligence and elevated interest rates. He notes that Share Ventures plans to develop its own software and integrate complex language models to streamline its operations.
Watt elaborated on the advantages of this approach, stating that smaller funding amounts can yield insights into opportunities much earlier in the process. He emphasizes that using advanced technologies and automation sets his venture apart from many traditional firms that may invest in such technologies without truly implementing them in their operations.
His interest in the health and longevity sectors was sparked by a personal tragedy; Watt lost his mother at 25 when she was only 49, prompting him to reflect on his mortality. He draws on this experience as motivation to innovate, despite the setbacks from MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash.” Watt’s current mindset focuses on the lessons learned and the courage to pursue new ventures, embracing both the potential for failure and success.