Five Dragons formed the original investor panel on the UK version of Dragons' Den.
The launch panel consisted of Duncan Bannatyne, Rachel Elnaugh, Peter Jones, Theo Paphitis and Simon Woodroffe. Together they established the familiar arrangement in which entrepreneurs face several investors at once and must explain their proposition under intense questioning.
The number of investors on screen has not always been identical. Later series have featured different combinations of Dragons, including guest investors and changes caused by departures or scheduling. That is why the launch panel is a historical fact rather than a rule that every episode must have five people.
The word Dragon is a branding choice used by the British format. The investors are not a formal club with fixed membership; they are successful businesspeople who assess pitches independently. Their offers can be accepted, rejected or combined, depending on the negotiation shown in an episode.