Investors traditionally say “out” on the British programme Dragons' Den when they reject a pitch.
The word appears in the familiar declaration “I’m out,” which signals that a dragon will not invest in the entrepreneur’s proposal. It became one of the programme’s most recognisable phrases because each investor can withdraw independently while negotiations continue.
A dragon may leave for many reasons, including the requested valuation, the level of risk, the business model or disagreement about the entrepreneur’s plans. Saying “out” does not necessarily mean every other dragon has rejected the pitch.
The expression belongs to the show’s dramatic television vocabulary, alongside the reveal of the entrepreneur’s requested investment and equity offer.