Hamet Watt, co-founder of the once-popular subscription service MoviePass, is embarking on a new chapter in his career by launching Share Ventures, a venture studio aimed at cultivating and funding emerging startups. This transition comes after the tumultuous downfall of MoviePass, which he co-created in 2011, allowing movie enthusiasts to enjoy unlimited access to theaters for a monthly fee.
In an interview with Business Insider, Watt revealed that Share Ventures has successfully raised nearly $20 million, with notable investors including tech giants Alphabet and Amazon. The venture is particularly focused on opportunities within the “future of work” and longevity sectors, reflecting Watt’s personal motivations and growing interest in health innovations spurred by a family tragedy. He lost his mother at a young age, which profoundly impacted his perspective on life and mortality.
Watt believes the current landscape for venture capital is primed for innovation, noting that the combination of the AI revolution and rising interest rates opens new avenues for funding. He emphasized that their approach involves using advanced software and language models to streamline operations, which can lead to identifying opportunities with less initial capital. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” he stated.
Furthermore, Watt remarked on how many venture firms invest in groundbreaking technologies but often fail to fully integrate or utilize them within their own operations. Share Ventures aims to differentiate itself by actively employing novel data and automation throughout its processes, which Watt believes is a unique advantage.
This new venture comes with a hopeful outlook, as Watt expresses his determination to innovate and create despite past setbacks. He views each experience, including the challenges faced with MoviePass, as valuable lessons that fuel his entrepreneurial spirit.
In summary, Hamet Watt is shifting gears from the lessons learned in his previous venture to dedicate his efforts towards fostering innovative startups, illustrating resilience and the potential for future success while addressing critical issues in health and work dynamics.