1. It’s always a good story when media promoted “experts” are shown to be wrong. Tangentially, this has happened 9/10 times with the big singing talent shows (pop idol, pop stars, American Idol, x-factor), with their winners sinking into obscurity 6 months after winning more often than not (pace Will Young & Girls aloud).
2. What this woman knew that the Dragon’s didn’t can be summed up in two points: 1) she knew what makes a good game sell (understandable theme, localisable / adaptable theme) in mainstream markets and 2) she knew what makes a selling game good (simple mapping of simple rules to simple theme and well defined game strcuture).
Without the latter, the guys who could buy your game (note the first main buyer was Hamleys, who have very, very smart buyers) will not be grabbed, and will see you as an opportunist who thinks they know the market when they don’t. Without the former, you’ve got a hobby game, which may be an excellent game, but will never, ever make you rich.
3. The producers send the contestants in without their business plans, and, in series one, NO IDEA OF WHO THE DRAGONS ARE! So they don’t know who they are pitching to, which is a recipe for disaster. But it’s a good recipe for crap presentations, smug bastards with crappy put downs, and High-Lirrious REALITY TV!