Rachel Elnaugh founded the experience-gift company Red Letter Days before appearing on the UK television series Dragon's Den.
Elnaugh established Red Letter Days in 1989. The company sold vouchers for experiences rather than conventional physical presents, including activities such as driving, flying and other leisure events. Its concept helped popularise experience-based gift products in the United Kingdom.
Elnaugh was one of the original Dragons when the BBC programme began in 2005. She left the panel after the first series. Her business later encountered financial difficulties and Red Letter Days entered administration in 2005; it was subsequently acquired by Theo Paphitis. That later ownership is why Red Letter Days is sometimes associated with Paphitis, although Elnaugh founded it.