Rachel Elnaugh was the only original female member of the first British Dragon's Den panel.
Elnaugh appeared alongside Peter Jones, Duncan Bannatyne, Theo Paphitis and Doug Richard in the first British series. She was an entrepreneur and investor known particularly for her work in retail and consumer businesses, including the Red Letter Days experience-gift company.
Her presence is sometimes confused with Deborah Meaden, who later became one of the programme's most prominent female investors. Meaden did not belong to the original first-series panel. The distinction depends on the programme's chronology rather than on later publicity surrounding the show.
Elnaugh's time on the programme was part of its early period as the BBC established the British format. The original lineup changed after the first series, but the initial five-person panel remains an important reference point for the show's history.