Five investors made up the original Dragon's Den panel in the BBC's first series. The inaugural group consisted of Peter Jones, Duncan Bannatyne, Rachel Elnaugh, Simon Woodroffe and Doug Richard.
The panel established the programme's central dynamic: entrepreneurs had to persuade several investors at once, while the dragons could question sales, costs, ownership and growth plans. Each investor brought a different business background and personality to the pitch room.
The line-up did not remain unchanged. Some original dragons departed, while later series introduced investors such as Deborah Meaden, Theo Paphitis, James Caan and others. The number of dragons appearing in an episode could also vary as the programme evolved.
The figure five refers specifically to the original panel, not to every later series or to the number of investors who have appeared across the entire programme. That distinction explains why lists of all Dragon's Den investors contain many more names.