Rachel Elnaugh founded Red Letter Days, the gift-experience company linked to her career before and during Dragon's Den.
Red Letter Days sold experience-based gifts rather than conventional physical presents. Customers could purchase activities and memorable events, creating a business model built around giving someone an experience. The company became strongly associated with Elnaugh, who later joined the first British Dragon's Den panel.
Elnaugh's television role brought her entrepreneurial background to a wide audience. On Dragon's Den, the investors evaluate pitches by examining sales, costs, ownership and growth prospects. Her own business history made her a particularly recognisable early Dragon, although being an investor on the show is not the same as founding every business featured on it.
Red Letter Days is sometimes confused with businesses owned or backed by other Dragons. The company belongs specifically to Elnaugh's entrepreneurial story. Peter Jones later became involved with the business after its financial difficulties, but that later association does not change the answer to who founded it.