Five original investors appeared on the first UK series of Dragon's Den.
The opening panel consisted of Peter Jones, Duncan Bannatyne, Rachel Elnaugh, Simon Woodroffe and Doug Richard. Together they established the roles and personalities that defined the British adaptation: entrepreneurs faced a group rather than a single investor, increasing the possibility of competing offers or a joint deal.
The panel did not remain fixed. Elnaugh and Richard were among the early departures, while later series introduced investors such as Deborah Meaden and Theo Paphitis. This turnover means that photographs from different eras show noticeably different combinations of Dragons.
The number five refers specifically to the original investor group, not the number of investors in every later series or the number present in every individual pitch. Some pitches featured fewer visible investors because of availability and programme arrangements.