“I’m out” is the traditional phrase a Dragon uses when rejecting a pitch on Dragons’ Den.
The expression signals that the investor is withdrawing from negotiations and will not make an offer for the business. Contestants may hear it from one Dragon or from several as the discussion progresses. It became one of the programme’s most recognisable recurring lines.
A Dragon can also remain interested but change the terms of an offer. Saying “I’m out” is different from making a lower valuation, reducing the amount offered or asking for a larger equity share. Those are negotiation moves rather than a complete withdrawal.
The phrase is associated with the British programme and its international adaptations, although wording can vary between versions. It is not the title of a specific episode or a formal legal term; it is television shorthand for ending an investor’s participation.