Five investors formed the original Dragons' Den panel in the programme's first series.
The original panel consisted of Peter Jones, Duncan Bannatyne, Deborah Meaden, Theo Paphitis and Rachel Elnaugh. These entrepreneurs established the format familiar to viewers: business owners make a presentation, answer questions and ask for investment on stated terms.
The panel was not permanent. Rachel Elnaugh left after the second series, and later seasons introduced other investors, including James Caan, Richard Farleigh and Hilary Devey. Because the line-up has changed so often, viewers sometimes remember later panels as if they were the original group.
The word “Dragon” refers to the investor role rather than a fixed membership list. Guest Dragons and temporary replacements have also appeared, so the number of investors visible in later episodes should not be used to describe the first panel.