On the British TV show Dragons' Den, an entrepreneur's initial pitch is usually limited to three minutes.
The timed opening gives the founder a short opportunity to explain the business, describe the product or service, state the amount sought and offer an equity percentage. After the opening, the Dragons question the entrepreneur about sales, costs, valuation, competition and plans for growth.
The three-minute rule concerns the initial presentation, not the entire segment. A pitch can continue much longer once questioning and negotiation begin. In practice, the edit shown on television may also compress or rearrange parts of the conversation for storytelling.
The format makes the opening especially important because the entrepreneur must communicate the business proposition quickly before the discussion becomes more detailed. It does not guarantee an investment: the Dragons may reject the proposal, make a different offer, or negotiate a revised share of the company.