What do employers think of failed startup on a developer's resume?

I went to a decent school and worked at a few companies as a developer. About a year ago, I started a company with my friend. We were both developers. We worked really hard and tried to take the product off the ground. We were able to solve pretty much all relevant technical challenges. But we never really got a traction and we didn't get any users at the end of the day.

I haven't expressed any explicit feelings about the current state of things to my cofounder, but it does seem like our company is winding down. I will have to find a job as a developer again.

How does a failed startup look for employers on resume?