I find this piece interesting for a number of reasons. One we know by now - that the reality of what happens on Dragons' Den after the camera's have stopped rolling is often different from what you would expect. A significant proportion of deals which are apparently agreed on the series do not in fact turn into an investment. Buy hey, it's a TV show, not real life. Another thing that comes out of it is that equity crowdfunding really is happening out there - although whether this is really always "crowdfunding" in the sense that some mean it is debatable. I have mentioned before some of the regulatory issues. But finally, I wonder whether it is the terms on which funds from angels such as on Dragons' Den are invested is the issue here? There has been increasing focus in recent months on some case law around the enforceability of some key typical provisions in angel and VC investments. "Leaver" provisions which provide for a manager to lose their stake in some circumstances have been coming under scrutiny, and not before time. This is an area to watch, and to take good advice on if you are ever in this situation.