The BBC series Dragons' Den usually features five investors on its panel of Dragons.
These five businesspeople listen to pitches, ask questions and decide whether to offer money in exchange for equity. The panel format gives entrepreneurs several possible investors, while also allowing Dragons to make joint offers when they want to share a deal. Individual series can feature changes in membership, but the standard panel structure is five Dragons.
Viewers sometimes count only the most prominent investors from a particular series, which can make the panel size seem different. Guest Dragons and cast changes also mean that the identities of the five seats are not fixed permanently. The number refers to the usual on-screen panel, not to every investor who has appeared across the programme’s history.
The panel size is important to the show’s format because it creates competition among investors and gives entrepreneurs a chance to compare different expertise, valuations and deal terms.