A Dragons' Den investor traditionally says “I'm out” when rejecting an entrepreneur's pitch.
The phrase signals that a dragon is withdrawing from consideration and will not make an offer for the business. It is one of the programme's most recognisable pieces of terminology because each investor may leave a negotiation separately.
A pitch can therefore continue after one dragon says “I'm out.” Other investors may still question the entrepreneur, compete with one another or make an offer. If every dragon withdraws, the entrepreneur leaves without an investment from the panel.
The expression belongs to the programme's recurring presentation language rather than being a formal legal term. Any investment agreed on screen still depends on further checks and negotiations before completion, so the phrase describes the televised decision at the pitch stage.