Dragons’ Den is damaging and unrealistic says actual VC investor

Mark Pearson, Fuel Ventures

Liverpool-born venture capital investor Mark Pearson has slated TV’s Dragons Den for giving would-be entrepreneurs ‘all the wrong ideas of investment and running a business’.

Pearson’s UK-based venture capital firm Fuel Ventures has also done the maths and revealed the amount of money each investor on BBC’s Dragon’s Den has invested over the past 21 seasons, which he claims compares poorly to his own track record.

With the 22nd season of BBC One’s Dragon’s Den having just started, Fuel Ventures, one of the most active venture capital firms in Europe, has calculated how much each ‘Dragon’ from the show has invested since the show began to the end of last season. The VC firm highlights the lack of financial impact the show has actually had on founders in the UK.

Over the past 21 seasons, nineteen Dragons have invested an estimated total of £15.5 million in companies.

In comparison, Pearson says he has been responsible for more than £220m of investment into more than 200 UK start-ups and growing companies – 16x more than all of the Dragons combined, since the show began in 2005. That figure could be as much as 30x more, considering the fact half of investments don’t actually go ahead.

“I’m not sure I could have had the impact I’ve had if I’d been a Dragon. I now believe the show is damaging, and gives potential entrepreneurs all the wrong ideas about investment and running a business.

“In 2013, I was approached to replace Hilary Devey on the Dragons’ Den panel. I was in my early 30s at the time and would have been the youngest investor on the show. I had already started to invest millions in UK start-ups, holding regular hackathons in London and supporting entrepreneurs.

“The process was fascinating, from the various conversations about my council estate upbringing to the test filming in my house. I’d done a fair bit of TV, from Channel 4’s Secret Millionaire to even once giving somebody a job live on BBC Three’s Up for Hire Live, so I was definitely interested, but I was in the early process of selling my company at the time, and I had to prioritise that.

“Founders need more than just a name on a cheque – they need an investor who understands the challenges of building a business from the ground up. It’s not just about capital; it’s about strategic guidance, opening doors, and being there when things get tough. A real investor brings experience, insights, and a genuine commitment to helping founders succeed, not just watching from the sidelines.”

Fuel Ventures has most recently led a funding round of University of Manchester spin out Arcube which successfully raised a $1.5m seed round co-led by Fuel and Oxford Capital Partners.

Fuel says it invests in founders who “have the ambition to build a global, market-leading company, with the passion and ability to execute”.

Since its inception in 2014, Fuel Ventures has invested over £200 million into more than 170 start-ups.

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