Entrepreneurs Who Went Bankrupt
Walt Disney
Walt Disney’s, popularly known as the founder of The Walt Disney Company, first animation company was Laugh-O-Gram Studio that he established in 1920. When the company found a financial investor, Walt began building up his staff of animators including Fred Harman’s brother Hugh Harman, Rudolf Ising and his close friend Ubbe Iwerks. However, unfortunately the company was unable to scale up profit to cover the high salaries paid to employees.
Unable to successfully manage the cash, Walt’s studio became loaded with debt and finally he had to declare bankruptcy. He struggled enough to buy a bus ticket to Hollywood, where he made a fresh start with his new production company named after himself and his new animation character.
