On Dragon's Den, a Dragon can request a maximum investment stake of 100 percent.
The programme does not impose a rule that an entrepreneur must retain part of the company. A Dragon may therefore offer money in exchange for the whole business, although negotiations on the show usually involve a smaller percentage and may include more than one investor.
A pitch begins with an entrepreneur stating the amount sought and the equity offered. The Dragons can accept those terms, propose a different valuation or stake, make a joint offer, or decline. The percentage shown in a televised agreement is consequently a negotiated figure rather than a fixed programme tariff.
Viewers often remember the familiar 10, 20 or 50 percent offers and assume that 50 percent is the upper limit. It is not. The defining boundary is complete ownership: 100 percent. Any final investment also remains subject to due diligence and a formal agreement after filming.