CLOSED

Contract-review AI opened · CLOSED after 1 yr 1 mo

Lee Pin-yen, 44 · 1 yr 1 mo

“Rejected for loans 2 times. The bank knew before I did. 🙃”

I closed after 1 year and 1 month. What remained was NT$142,222 in debt and 4 customers.

On the last day, you posted the shutdown notice and turned off the servers. Cash -NT$7,171, debt NT$142,222, 0 employees, 4 customers. You settled the last bills and closed the laptop. The business failed, but that time did not disappear.

How it went

1. 2026 · preparing to openLee Pin-yen, 43. You have decided to try starting a company in New Taipei. No idea, no product yet. Savings NT$779,842, no job.
2. Debt from day onePersonal debt: NT$5,377 a month for 113 months. It comes out regardless of the company.
3. 4/2026: what now?Start a business: «Contract-review AI» — You are going with «Contract-review AI». Still no company, no product. Now find out whether the idea is real.
4. 2026 · year 1 beginsChinese Demand Cooled
5. 5/2026: what now?Interview 20 people — 7 of 20 said they would pay. 7 only said it would be "nice to have".
6. 5/4 · Your mentorYour mentor sent a link to an article. “This sounded like you.”
7. 6/2026: what now?Decide to build it — You decided to build. Validation ends here.
8. 6/28 · FamilyYou talked with your family for a long time. Someone said, “You come before the money.”
9. 7/2026: what now?Build it with no-code tools — You picked a template. By lunch there was a login screen.
10. 8/2026: what now?Keep building — What you built today, you fixed tomorrow. Progress still went up.
11. 8/13 · HeatwaveA heat warning. The air conditioning ran all day. The electricity bill is on your mind.
12. 9/2026: what now?Keep building — You crossed three lines off the list. Two new ones appeared.
13. 10/2026: what now?Keep building — Another month the same way. Progress crept up.
14. Financing declinedThe Personal credit loan application was declined.
15. 11/2026: what now?Apply: Personal credit loan — You waited for the Personal credit loan decision. But underwriting declined it. Credit and cash flow need another look.
16. 11/9 · Your mentorLunch with an old mentor. “Forget the numbers. Are you sleeping?”
17. 12/2026: what now?Launch — You pressed launch. 1 sign-ups on day one. You refreshed ten times.
18. 12/29 · Selected for a grant programSelected for a government support program. The grant arrives next month; the reporting starts this week.
19. Financing approvedBorrowing from family NT$160,000 · 0.0%/yr · 36 months
20. You are short of moneyBorrow from family — You brought it up with your family. The transfer was fast. The conversation stays. This money may cost more than bank interest. Borrowing from family NT$160,000 approved.
21. 1/13 · Security vulnerabilityAn outside researcher reported a vulnerability. You have to check whether personal data leaked.
22. 2/2027: what now?Spread the word through communities and content — 1 new customers this month. Few enough to know each one by name.
23. 2/26 · Personal data requestA customer asked for disclosure and deletion of their personal data. You checked the procedure again.
24. 3/2027: what now?Keep going — Spread the word through communities and content — 2 new customers this month. Few enough to know each one by name.
25. 3/9 · An investor showed interestAn investor asked for a meeting next week. “I want a closer look at who is building this,” they said.
26. 3/14 · Patent warning letterA certified letter arrived claiming possible patent infringement. A lawyer needs to review it.
27. Financing declinedThe Small and Medium Enterprise Credit Guarantee Fund guaranteed loan application was declined.
28. You are short of moneyGuaranteed loan — You went to the Small and Medium Enterprise Credit Guarantee Fund for a guarantee. It costs a fee and another review, but you can knock on the bank’s door without collateral. But underwriting declined it. Credit and cash flow need another look.
29. Chinese Demand CooledA prolonged slump in Chinese domestic demand and real estate lowered Asia's export outlook. Clients who bought raw materials cut orders, and domestic consumption turned cautious as well.
30. Year 1 closeRevenue NT$116,980, loss NT$328,131. Cash NT$180,429.
31. 2027 · year 2 beginsFake Investor
32. 4/17 · A competitor movedA big company bolted a similar feature onto its product, free. More customers now ask, “How are you different?”
33. 4/19 · FamilyYou talked with your family for a long time. Someone said, “You come before the money.”
34. 4/21 · A loan payment bouncedThe loan payment did not go through. One text from the bank, and your credit grade dropped a notch.
35. The runway is running outShut it down — You cancelled the last subscriptions and turned off the servers. When the laptop closed, the room went quiet.

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