Hamet Watt, one of the co-founders of MoviePass, is embarking on a new journey after the company’s dramatic downfall by launching a venture studio aimed at developing and funding startups.
Watt, who introduced the concept of a monthly subscription for unlimited movie access with MoviePass in 2011, has revealed that his new endeavor, Share Ventures, has successfully raised nearly $20 million, with investments from major players like Alphabet and Amazon. The focus of Share Ventures will be on startups in the fields of future work and longevity.
He believes that the current landscape, shaped by advancements in AI and high interest rates, presents an opportunity for a fresh approach in venture capital. Watt explained that Share Ventures is integrating its own software and complex language models to streamline operations and enhance efficiency.
“We don’t need as large of funds, and we can identify opportunities much earlier with less capital,” Watt noted. “This is advantageous for us as we’re building companies from the ground up using cutting-edge tools.”
Watt pointed out that while many venture firms are investing in new technologies, they often do not leverage and implement these innovations within their own processes. He emphasized, “Utilizing novel data and automation sets us apart.”
The motivation behind Watt’s focus on health and longevity stems from personal loss; he lost his mother at a young age, which profoundly affected his perspective on life and mortality.
Reflecting on his past experiences with MoviePass, particularly highlighted in the documentary “MoviePass, MovieCrash,” Watt expressed a desire to innovate despite previous setbacks. “What have I learned, and what do I have the courage to pursue now — even if it leads to failure, it could also lead to success?” he stated.