When the crew of the documentary Startups began shooting, Dai Wei, the 28-year-old entrepreneur and his bike-sharing venture, Ofo, were riding high.

Back then, in early 2017, millions of the bright yellow shared bikes could be seen in more than 50 Chinese cities, as well as other countries such as the United States, United Kingdom and Singapore. Dai, then 26, was regarded as one of the most prominent budding entrepreneurs, exemplified by his appearance on a Forbes "30 under 30" list and the Hurun China Rich List.

However, Ofo is now teetering on the brink of bankruptcy. Millions of users are clamoring for the return of their deposits and Dai was put on a spending blacklist by a Beijing court on Dec 4, which prohibits him from air or high-speed rail travel and staying in high-end hotels.

"We've seen his anxiety and stress rise since the middle of last year, but I didn't expect it would turn into such a crisis. However, I still admire Dai's spirit to fight for what he loves," says Guan Xiu, the main director of the documentary, during a telephone interview with China Daily.

Since Friday, the film-which follows 14 startup founders-has been released across Chinese mainland theaters, while a five-episode series with the same title is still being produced and expected to debut later this year.

Aside from Dai, the 107-minute documentary also features Luo Yonghao, founder of the niche smartphone maker, Smartisan Technology; Cheetah Mobile CEO, Fu Sheng; Jin Xing, who established the online cosmetic medicine platform SoYoung; and Jiang Yilei, better known as Papi Jiang, an internet celebrity who founded a short video production company.

A veteran of several successful TV reality shows about business startups, Guan says she has met a lot of ambitious entrepreneurs, making friends with them and witnessing both their joy and despair.

"During the interviews, we've found that more than 90 percent of startups don't survive the first three years (in the Chinese market).

"In fact, a renowned investor estimated that on average, an entrepreneur will not taste success until they have failed in at least three business endeavors," says Guan.

That said, it is not only the business founders' striving spirit, but also the unprecedented transformation brought by the internet business-which has led China's startup boom in the recent two decades-that provided Guan and her team the impetus to produce the documentary.

Four years ago, Guan's company moved to eastern Beijing, housed in a building 3 kilometers outside the city's fourth ring road.

"Back then the area was a bit deserted. My colleagues had to walk 1.5 kilometers to the nearest subway station and we always worried about lunch as there were a limited number of restaurants," she recalls.

"But everything is changing so fast," she says, adding that within two years the staff could order food delivery and ride shared bikes.

Guan wished to record the era and its changes.

However, the shooting was more difficult than she had expected, as some "protagonists" were reluctant to be put in front of the camera.

Luo Yonghao from Smartisan was "one of those who played hard to get". An internet celebrity who shot to fame for his talkative nature and witty quotes, the former English teacher-turned-entrepreneur, surprisingly, turned down the crew the first time they approached him about the project.

"Luo said he is scared of being filmed," recalls Guan, adding she later understood more about Luo after some deeper communication.

"He has huge curiosity and passion for what he loves. To pursue his dreams, he behaves like a child. That is valuable for a startup founder," says Guan.

Unlike similarly themed films, which feature an exciting or inspirational message, Startups demonstrates more the founders' struggles, fear, hesitation and, in some cases, sadness.

For instance, An Chuandong, a 1990s-born graduate from Renmin University of China, who failed in his shared-restaurant project, couldn't hold back tears when his parents-in rural Henan province-said they would work hard to invest every cent in his dream.

When the film was released, An had just raised around 9 million yuan ($1.33 million) to launch a new app that specializes in helping users understand ancient books about Chinese philosophy and culture.

"Their stories-whether the struggling celebrities like Luo and Dai, or the less well-known An-are still unfolding, and we'll continue to record their journeys.

"In some sense, it will be a documentary franchise for which it is hard to predict an ending," concludes Guan.