Share Ventures, an LA-based studio for company creation, is MoviePass co-founder Hamet Watt’s next act – ProWellTech
Almost eight years ago, Hamet Watt and Stacy Spikes launched MoviePass, the ticketing service for subscription movies that has captured the minds and dollars of investors and brought thousands of cinephiles a deal too good to be true for all the movie passes you can watch.
Watt, who came to MoviePass As a resident entrepreneur at True Ventures, he previously founded the NextMedium startup for product and brand placement and also spent time as a board partner at Upfront Ventures. Now, the serial entrepreneur and startup investor is combining his two career paths under the auspices of Share Ventures.
“That’s what I feel like I’ve been put here to do,” says Watt. “I love solving problems with design and entrepreneurship. I wasn’t completely getting rid of the itch as an investor alone. “
With $ 10 million in funding from a range of investors including Upfront Ventures, Alpha Edison, the general and founding partners of True Ventures, and a Korean family office, Share Ventures will seek to launch two to four companies per year.
Watt says the new study will focus on what he calls “human performance”. Companies will use a blend of technology and human interaction to create services aimed at fitness, nutrition and mental health, according to Watt.
Share Ventures’ initial focus will be on two main areas, the future of life and the future of work. Within these two areas, the company will focus on developing businesses that enable the development of individual goals, mental and physical improvement, and personal and professional growth, according to Watt. IS
For Watt, the study model represents the next iteration of startup investment. “We think the studio will lead the way,” he says.
Rather than investing in companies and management teams that are unknown quantities, Watt thinks the firm will be able to create distinct companies much faster in the same way that companies today iterate on new products and services.
“We aggregated the tools into a stack of corporate buildings,” says Watt. “These are usable tools that third parties have developed and internal tool stacks.”
Watt says Share Ventures will operate as a holding company with shares shared among the company’s employees. “As we work on portfolio companies and build dedicated teams, there is a generous pool to incentivize talent.”
In some ways, the model is not that different from the idealab of Bill Gross, the incubator company based in Pasadena, California, just a few miles from the Share Ventures Los Angeles base. Another source of inspiration is @Ventures, the dot-com-era company that created a number of different portfolio companies. “Our investors are getting founders in every company we build,” Watt says.
The company has ten employees to help build its first list of companies.
Watt started talking to investors in 2018 about the idea and spent most of 2019 trying to build his first few companies.
“We do a lot of experiments, we generate a lot of ideas, “says Watt.”The number of shots on target we are making before launching a company is significant. “