Rachel Elnaugh founded Red Letter Days before appearing as an investor on the British version of Dragons' Den.
Red Letter Days is an experience-gift business. Instead of selling only physical products, the company offered customers activities and memorable outings as presents. Elnaugh's role in building the business helped establish her credentials as an entrepreneur before she joined the television panel.
Elnaugh was one of the original five dragons when the British programme launched in 2005. Her business history is therefore part of the show's early investor mythology, although later viewers may associate the programme more strongly with investors who stayed for longer.
Red Letter Days later encountered financial difficulties and was sold. The company's history is often mentioned alongside Elnaugh's career because it illustrates both the opportunities and risks that entrepreneurs discuss in the Den.