Rachel Elnaugh became a Dragon after founding the experience-gift company Red Letter Days.
Red Letter Days sold vouchers for activities and experiences rather than conventional physical presents. Customers could purchase opportunities such as driving, flying or leisure experiences, making the company an early example of the experience-gift market in Britain.
Elnaugh's success with the business led to her appointment as one of the original investors on the UK version of Dragons' Den. Her entrepreneurial background was especially relevant to the programme because many pitches involved consumer products, services and lifestyle businesses.
The company is sometimes confused with other gift-voucher businesses, but Red Letter Days is the specific enterprise associated with Elnaugh. This also distinguishes her from Peter Jones, who later acquired the Red Letter Days brand after its financial difficulties.