Hamet Watt, co-founder of the now-defunct MoviePass, is embarking on a new venture by establishing a studio aimed at developing and funding startups. Watt, who launched MoviePass in 2011 with the innovative concept of offering moviegoers an unlimited monthly subscription for theater access, is now leading Share Ventures.
Share Ventures has successfully raised nearly $20 million in funding from several investors, including tech giants Alphabet and Amazon. The new entity will concentrate on startups focused on future work trends and longevity innovations. Watt believes that the current landscape of venture capital, influenced by artificial intelligence advancements and elevated interest rates, presents an opportunity for a “differentiated model.” Therefore, Share Ventures is set to develop its own software alongside advanced language models to streamline internal operations.
Watt explained that smaller funding amounts are now more viable and that startups can gain insights into potential opportunities earlier with less capital. This shift enables them to build companies from the ground up while employing the latest tools and technologies.
He also observed that while many venture firms are pouring investments into new technologies, they often don’t fully integrate or utilize these innovations within their processes. Watt emphasized that leveraging novel data and automation is a distinctive aspect of Share Ventures.
Motivated by personal experiences, including the loss of his mother at a young age, Watt developed a keen interest in health and longevity. He reflected on how such profound loss made him more aware of his own mortality.
Watt’s experience with the failed MoviePass venture, which he recently recounted in the documentary “MoviePass, MovieCrash,” has only fueled his determination to innovate further. He expressed his desire to learn from his past and embrace new challenges, regardless of the potential for failure.