Rachel Elnaugh was the first female Dragon on the original panel of the British television show Dragon's Den.
Elnaugh is an English entrepreneur best known for founding Red Letter Days, a company selling experience gifts. She appeared in the first two series of Dragon's Den, making her the original panel's female investor before Deborah Meaden joined in series 3.
Her business background was closely connected with the experience economy: customers could buy activities and special occasions rather than conventional physical products. That perspective complemented the original panel's wider mix of technology, retail and leisure experience.
Elnaugh's tenure is often confused with Meaden's because Meaden became the programme's longest-running prominent female Dragon. The chronological distinction is decisive: Elnaugh was present at launch, while Meaden entered later.