What happens to the founder of a company backed by angel investors if the company fails?

In my experience the founder is either shot from a cannon or launched by a catapult into a large pile of manure. Except for shame, if the person has any soul at all, nothing happens to the founder. They'll probably have to wait a while before going to the well again, but there shouldn't be any personal liability unless the funding was in the form of a personal loan.