In Dragon's Den, what does a dragon's 'I'm out' announcement mean?
Answer
They will not invest
In Dragon's Den, a dragon saying “I'm out” means that the investor will not invest in the business.
The phrase is one of the programme's clearest pieces of terminology. Each dragon independently decides whether the entrepreneur's proposal is attractive enough, and an “I'm out” declaration removes that dragon from the negotiation. The entrepreneur may continue speaking with other dragons who remain interested.
The announcement does not mean that the dragon has left the studio or that filming has ended. It is a formal statement that the dragon is no longer making an investment offer. Several dragons can say it at different points in the same pitch, sometimes leaving the entrepreneur with no potential deal.
A televised offer is also not necessarily a completed investment. Even when a dragon says yes, the proposed deal can be subject to checks and negotiations after filming. The phrase therefore describes the dragon's position during the pitch, not every later stage of the business transaction.