Hamet Watt, one of the co-founders of the defunct MoviePass, is moving forward from the company’s dramatic downturn by launching a new venture studio geared towards nurturing and financing startups. After initiating MoviePass in 2011, which allowed movie enthusiasts to enjoy unlimited theater access for a monthly fee, Watt is now channeling his energy into a company called Share Ventures.
The venture recently garnered nearly $20 million in funding, supported by notable investors including Alphabet and Amazon. Share Ventures aims to concentrate on startups in the domains of future work and longevity, reflecting Watt’s personal experiences and interests.
Watt believes that the current environment, characterized by a surge in artificial intelligence and elevated interest rates, creates a fertile landscape for a unique business model. As such, Share Ventures is developing its own software and utilizing sophisticated language models to enhance its internal processes. Watt stated, “You don’t need as large of funds, and you can get signals on opportunities much earlier with much less capital.” This approach allows Share Ventures to build companies from scratch while leveraging cutting-edge tools.
Interestingly, Watt pointed out that while many venture firms are investing in emerging technologies, they often fail to fully utilize them in their operations. He emphasized the significance of employing novel data and automation as a distinguishing factor for Share Ventures.
The inspiration behind Watt’s focus on health and longevity stems from a personal tragedy; he lost his mother at a young age, an event that profoundly impacted his perspective on life and mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Despite the setbacks from MoviePass, which are candidly explored in the documentary “MoviePass, MovieCrash,” Watt remains optimistic and motivated. He expresses a determination to innovate and is prepared to embrace the possibility of both success and failure in his future endeavors.
This new undertaking not only highlights Watt’s resilience and adaptability but also illustrates the growing importance of innovative approaches in the startup ecosystem, especially in the context of health and technology. His story serves as a reminder that challenges can lead to new opportunities, and hopefully, Share Ventures will pave the way for transformative advancements in its focused sectors.