Five investors formed the original Dragon's Den panel when the British television programme launched.
The first panel consisted of Peter Jones, Duncan Bannatyne, Rachel Elnaugh, Simon Woodroffe and Doug Richard. Each brought a different business background, giving the early series a mixture of retail, hospitality, technology and investment experience.
The panel structure is central to the programme: entrepreneurs enter the room, present their business and seek money in exchange for an ownership stake. The Dragons can make individual offers or collaborate on a deal, so the number of investors on the panel affects the range of possible negotiations.
Later series changed the line-up, with returning Dragons and guest investors appearing at different times. The number five therefore describes the original panel, not every series or every episode. It is also distinct from the number of entrepreneurs who pitch in a programme.