The co-founder of MoviePass, Hamet Watt, is embarking on a new journey after the company’s notable downfall. He is actively raising funds for a new venture studio called Share Ventures, which aims to support the development and funding of startups.
Watt, who introduced the innovative concept of a monthly subscription model for unlimited movie access in 2011, has shared that Share Ventures has successfully secured nearly $20 million in funding from prominent investors, including Alphabet and Amazon. His new venture is concentrating on startups in the “future of work” and health longevity sectors.
He highlighted that the current landscape, marked by an AI boom and rising interest rates, presents an opportunity for a “differentiated” venture capital model. Share Ventures plans to develop proprietary software and leverage complex language models to streamline internal operations, thereby allowing for quicker assessments of new opportunities with limited capital. Watt noted, “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.”
Additionally, Watt believes many venture firms may be investing in new technologies but are not fully utilizing them within their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
Watt’s personal experiences have also shaped his business philosophy. The loss of his mother at a young age heightened his awareness of health and longevity issues. This personal tragedy has motivated Watt to explore these topics further in the startup space. He reflects on his past with MoviePass, as discussed in the documentary “MoviePass, MovieCrash,” and expresses a renewed commitment to innovation. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he pondered.
Watt’s new initiative represents a hopeful shift towards innovation and resilience in the face of past challenges, as he seeks to make a meaningful impact in the startup ecosystem.
This is an inspiring story of transformation and resilience where past experiences turn into new opportunities for growth and innovation. Watt’s journey reminds us that setbacks can lead to new beginnings and motivate the exploration of impactful ideas.