CLOSED

Webtoon studio opened · CLOSED after 1 yr 8 mo

Lai Cheng-hung, 29 · 1 yr 8 mo

“Big dreams. Bigger rent.”

I closed after 1 year and 8 months. What remained was NT$545,875 in debt and 201 customers.

On the last day, you posted the shutdown notice and turned off the servers. Cash -NT$93,201, debt NT$545,875, 0 employees, 201 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 openLai Cheng-hung, 28. You have decided to try starting a company in Taipei. No idea, no product yet. Savings NT$625,645, no job.
2. Debt from day onePersonal debt: NT$6,326 a month for 100 months. It comes out regardless of the company.
3. 5/2026: what now?Start a business: «Webtoon studio» — You are going with «Webtoon studio». Still no company, no product. Now find out whether the idea is real.
4. 2026 · year 1 beginsChinese Demand Cooled
5. 6/2026: what now?Interview 20 people — 4 of 20 said they would pay. 6 only said it would be "nice to have".
6. 7/2026: what now?Decide to build it — You decided to build. Validation ends here.
7. 7/15 · A competitor movedA competitor shipped the feature you were preparing, first. Their price is lower.
8. 8/2026: what now?Build it yourself — You settled on how to build it.
9. 8/27 · HeatwaveA heat warning. The air conditioning ran all day. The electricity bill is on your mind.
10. 9/2026: what now?Keep building — What you built today, you fixed tomorrow. Progress still went up.
11. 9/6 · FamilyAt dinner nobody brought up work. You understood that was a kindness.
12. 10/2026: what now?Keep building — You crossed three lines off the list. Two new ones appeared.
13. 11/2026: what now?Keep building — Another month the same way. Progress crept up.
14. 12/2026: what now?Keep building — What you built today, you fixed tomorrow. Progress still went up.
15. 1/2027: what now?Keep building — You crossed three lines off the list. Two new ones appeared.
16. 2/2027: what now?Keep building — Another month the same way. Progress crept up.
17. 2/28 · A death in the familyYour father passed away. You set an auto-reply: away for a few days for family reasons.
18. Your father’s funeralA full funeral — Three days of mourners. Faces you had not seen in years.
19. 3/2027: what now?Launch — You pressed launch. 147 sign-ups on day one. You refreshed ten times.
20. 3/3 · A competitor movedA competitor shipped the feature you were preparing, first. Their price is lower.
21. 3/27 · Down sickYou came down with something. You took medicine and pushed through, but could not concentrate.
22. 3/2 · The tax went unpaidOn the due date the account was empty. NT$37 went into arrears with a late penalty. It has to be paid as soon as money comes in.
23. A text offering moneyBorrow from a licensed lender — NT$448,832 arrived. On the repayment table the interest caught your eye before the principal.
24. 4/2027: what now?Spread the word through communities and content — 8 new customers this month. A post drew questions, and the questions turned into sign-ups.
25. 4/15 · Loan payment dayLoan payment day. NT$21,976 in principal and interest left the account. The balance is NT$448,832.
26. 4/2 · Collection callsA number you did not know. It was about the overdue loan. Your family heard every word.
27. Financing approvedBorrowing from family NT$320,000 · 0.0%/yr · 36 months
28. 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$320,000 approved.
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$7,463, loss NT$151,947. Cash -NT$24,426.
31. 2027 · year 2 beginsFake Investor · The Tech Investment Cycle Came Back
32. 5/30 · An investor showed interestAn investor asked for a meeting next week. “I want a closer look at who is building this,” they said.
33. 6/2027: what now?Take a job and run it on the side — You rewrote your CV. The interviewer found the startup story interesting.
34. 6/4 · Your mentorYour mentor sent a link to an article. “This sounded like you.”
35. 7/2027: what now?Spread the word through communities and content — 19 new customers this month. While the number climbs, it looks like a company.
36. 7/15 · Demo dayYou presented at demo day. The questions were sharp, but the applause sounded genuine.
37. 7/30 · Personal data requestA customer asked for disclosure and deletion of their personal data. You checked the procedure again.
38. You are short of moneyHold on — Instead of the bank you called suppliers and asked for a month’s grace. Two said yes, one said no.
39. 8/29 · Server bill spikeTraffic grew, and the server bill came in far above what you expected.
40. 9/2027: what now?Keep going — Spread the word through communities and content — 22 new customers this month. A post drew questions, and the questions turned into sign-ups.
41. 9/19 · FamilyYour family packed you lunch. The note said, “Eat properly.”
42. 10/2027: what now?Keep going — Spread the word through communities and content — 25 new customers this month. Among the new names were people last month’s customers had sent.
43. 10/4 · Covered in an articleAn industry outlet wrote about the product. Sign-up inquiries rose a little.
44. 10/1 · A loan payment bouncedThe loan payment did not go through. One text from the bank, and your credit grade dropped a notch.
45. You are short of moneyHold on — You closed the loan papers. Instead you cancelled subscriptions, cut what you could do without and pushed the next payment date. Holding on is also a decision.
46. 11/17 · Down sickA sore throat and a fever. You got through the day in a mask.
47. 11/28 · The tax went unpaidOn the due date the account was empty. NT$120 went into arrears with a late penalty. It has to be paid as soon as money comes in.
48. 11/11 · Collection callsA number you did not know. It was about the overdue loan. Your family heard every word.
49. 12/2027: what now?Keep going — Spread the word through communities and content — 22 new customers this month. While the number climbs, it looks like a company.
50. 12/8 · An investor showed interestAn investor asked for a meeting next week. “I want a closer look at who is building this,” they said.
51. 12/5 · Collection callsA number you did not know. It was about the overdue loan. Your family heard every word.

Start simulationFounder failure stories