“I'm out” is the phrase Dragons commonly say when they reject a pitch on Dragon's Den.
The phrase signals that an investor is withdrawing from negotiations and will not make an offer. It is one of the programme’s most recognisable expressions because each Dragon can leave the pitch separately while other investors continue questioning the entrepreneur.
A Dragon may say “I’m out” for many reasons, including a valuation they consider too high, insufficient evidence of demand, concerns about the founder or a lack of fit with their expertise. The phrase does not necessarily mean that every Dragon has rejected the business.
The wording is colloquial rather than a formal legal term. If an offer is accepted, the programme still presents the agreement as subject to due diligence and final negotiations.