Hamet Watt, a co-founder of the now-defunct MoviePass, is embarking on a new entrepreneurial journey by launching a venture studio aimed at developing and funding startups. Following the dramatic collapse of MoviePass, which he co-founded in 2011 to offer a subscription model for unlimited movie theater access, Watt is now focused on a fresh initiative named Share Ventures.
The new venture has successfully raised nearly $20 million, with investments from notable backers including Alphabet and Amazon. Watt’s focus is on startups related to the evolving sectors of work and longevity. He believes that the current landscape of venture capital, influenced by the artificial intelligence boom and high interest rates, is ripe for a differentiated approach, which is why Share Ventures is integrating its own software and sophisticated language models to enhance operational efficiency.
Watt emphasized that smaller funding amounts can yield significant insights into opportunities much earlier in the process. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively,” he stated.
He pointed out that many venture firms are investing in new technologies without fully integrating or utilizing them in their operations. Watt expressed confidence that his team’s commitment to utilizing innovative data and automation in their processes sets Share Ventures apart.
Watt’s personal experiences have also fueled his interest in health and longevity, particularly after the loss of his mother at a young age. This early loss led him to contemplate mortality and has influenced his current entrepreneurial focus.
Reflecting on his past endeavors, including the lessons from MoviePass as highlighted in the documentary “MoviePass, MovieCrash,” Watt remains undeterred. He is driven by the desire to innovate, embracing both the potential for failure and the possibility of success in his new ventures.