Hamet Watt, the co-founder of the once-popular subscription service MoviePass, is embarking on a new journey by launching a venture studio designed to support and fund startups. Following the dramatic decline of MoviePass, which he started in 2011, Watt is channeling his experiences into a fresh opportunity with Share Ventures.
Watt has successfully garnered nearly $20 million in funding for Share Ventures. Notable backers include tech giants Alphabet and Amazon. The focus of this new venture is on startups that are innovating in the fields of work and longevity, reflecting Watt’s personal interests stemming from his own life experiences.
He points out that the current landscape, marked by advancements in artificial intelligence and rising interest rates, creates an ideal environment for developing a distinct investment model. Share Ventures intends to integrate software and complex language models into its operations, enabling a more efficient approach to identifying opportunities with less capital. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” he explained.
Watt’s commitment to this venture comes from a place of personal loss and reflection, particularly after losing his mother at a young age, which instilled in him a deeper awareness of health and longevity.
Though the failure of MoviePass was a significant challenge, Watt views it as a learning experience that fuels his drive for innovation. He remains optimistic about the future, indicating that even the possibility of failure does not deter him from pursuing new ventures.
This transition represents not only a personal rebirth for Watt but also highlights the potential for innovation in today’s investment climate. His story demonstrates resilience and the ability to pivot towards new opportunities, resonating with many entrepreneurs navigating their paths in a rapidly changing world.