Hamet Watt, the co-founder of MoviePass, is moving forward from the company’s notable decline and is now focused on raising capital for Share Ventures, a new venture studio aimed at developing and funding startups.
Watt, who introduced the subscription model for MoviePass in 2011, recently shared with Business Insider that he has been diligently working on Share Ventures, which has successfully attracted nearly $20 million in funding from investors including Alphabet and Amazon. The studio is concentrating on startups that specialize in the future of work and health longevity.
He noted that the current environment, characterized by an AI boom and elevated interest rates, offers a favorable landscape for a distinctive venture capital model. Share Ventures aims to leverage software and sophisticated language models to streamline its internal operations.
Watt mentioned, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This adaptability allows his team to build businesses from the ground up while utilizing cutting-edge tools.
He observed that while many venture firms are investing in new technologies, they often do not effectively incorporate those technologies into their processes. Watt emphasized, “Using novel data and automation in our process is something we think is uniquely special to us.”
His interest in health and longevity was sparked by a personal tragedy: the loss of his mother when he was only 25 years old. This experience profoundly affected his perspective on mortality.
Reflecting on his past with MoviePass, which he detailed in the documentary “MoviePass, MovieCrash,” Watt expressed that his previous failure has only fueled his desire to innovate. He concluded, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”