In BBC's Dragons' Den, an investor traditionally says “I'm out” when withdrawing from a deal.
The phrase is used after a dragon decides not to invest in the entrepreneur's business. It signals that the investor will no longer negotiate or make an offer, and the entrepreneur must continue pitching to the remaining panel members.
“I'm out” became one of the show's most recognisable expressions because pitches often involve several dragons questioning the business, its valuation and the amount of equity offered. A dragon may withdraw because the product seems too risky, the proposed valuation is too high, or the business does not fit their expertise.
The phrase should not be confused with a final rejection by the entire panel. If one dragon says “I'm out”, other dragons can still make offers. The British series is adapted from the Japanese format Money Tigers and first aired on BBC Two in 2005.