Rachel Elnaugh became the first female regular investor on the British programme Dragons' Den.
Elnaugh joined the original Dragons' Den panel when the British series launched in 2005. Her business background was in retail and consumer products, and she was known for founding Red Letter Days, a company selling experience gifts.
Deborah Meaden is often given as the answer because she became one of the programme's most famous female dragons, but she joined later. Sara Davies and Kelly Hoppen were also later female investors. Elnaugh's distinction is specifically that she was the first woman to serve as a regular investor on the British programme.
Red Letter Days became a frequently cited example of the risks of rapid growth and financial pressure in a consumer business. Elnaugh's place in the show's history therefore combines two facts: she was part of the initial cast, and she brought a female founder's perspective to a panel that later became more varied.