Rachel Elnaugh was one of the five original dragons when the British show Dragons' Den launched.
The first British investor panel consisted of Rachel Elnaugh, Peter Jones, Duncan Bannatyne, Simon Woodroffe and Doug Richard. Elnaugh was already known as an entrepreneur and became particularly associated with the early identity of the programme.
Deborah Meaden is often remembered as one of the show's best-known female investors, but she joined after the launch rather than forming part of the original five. That timing is the key distinction in this question.
Elnaugh founded Red Letter Days, a company selling experience gifts. Her business background gave her relevant experience when judging entrepreneurs seeking investment, although her time as a regular dragon belonged mainly to the show's early period.