Source : Webster's Revised Unabridged Dictionary (1913)

Founder \Found"er\, v. t.
   To cause internal inflammation and soreness in the feet or
   limbs of (a horse), so as to disable or lame him.

Founder \Found"er\, n. (Far.)
   (a) A lameness in the foot of a horse, occasioned by
       inflammation; closh.
   (b) An inflammatory fever of the body, or acute rheumatism;
       as, chest founder. See {Chest ffounder}. --James White.

Founder \Found"er\, n. [Cf. OF. fondeor, F. fondateur, L.
   fundator.]
   One who founds, establishes, and erects; one who lays a
   foundation; an author; one from whom anything originates; one
   who endows.

Founder \Found"er\, n. [From {Found} to cast.]
   One who founds; one who casts metals in various forms; a
   caster; as, a founder of cannon, bells, hardware, or types.

   {Fonder's dust}. Same as {Facing}, 4.

   {Founder's sand}, a kind of sand suitable for purposes of
      molding.

Founder \Found"er\, v. i. [imp. & p. p. {Foundered}; p. pr. &
   vb. n. {Foundering}.] [OF. fondrer to fall in, cf. F.
   s'effondrer, fr. fond bottom, L. fundus. See {Found} to
   establish.]
   1. (Naut.) To become filled with water, and sink, as a ship.

   2. To fall; to stumble and go lame, as a horse.

            For which his horse fear['e] gan to turn, And leep
            aside, and foundrede as he leep.      --Chaucer.

   3. To fail; to miscarry. ``All his tricks founder.'' --Shak.

Source : WordNet®

founder
     n 1: inflammation of the laminated tissue that attaches the hoof
          to the foot of a horse [syn: {laminitis}]
     2: a person who founds or establishes some institution; "George
        Washington is the father of his country" [syn: {beginner},
         {founding father}, {father}]
     3: a worker who makes metal castings
     v 1: fail utterly; collapse; "The project foundered" [syn: {fall
          through}, {fall flat}, {flop}]
     2: sink below the surface
     3: break down, literally or metaphorically; "The wall
        collapsed"; "The business collapsed"; "The dam broke";
        "The roof collapsed"; "The wall gave in"; "The roof
        finally gave under the weight of the ice" [syn: {collapse},
         {fall in}, {cave in}, {give}, {give way}, {break}]
     4: stumble and nearly fall; "the horses foundered"