Five investors formed the original Dragon's Den panel when the BBC series began in 2005.
The first British panel consisted of Peter Jones, Duncan Bannatyne, Rachel Elnaugh, Simon Woodroffe and Doug Richard. Together, they established the programme's central format: entrepreneurs make a direct business pitch, then face questions about sales, valuation and ownership.
The number of Dragons has not always been identical across the franchise. Panel membership changes over time, and some episodes feature guest or substitute investors. That makes the original total different from the number viewers may see in a later series.
The original panel also explains why early-series questions often mention five Dragons rather than a fixed cast for the entire programme.