Rachel Elnaugh was the only woman among the five original Dragons when Dragons' Den launched in Britain.
The original British panel consisted of Rachel Elnaugh, Peter Jones, Duncan Bannatyne, Theo Paphitis and Doug Richard. Elnaugh was a businesswoman associated with the Red Letter Days experience-gift company, which she co-founded in 1989.
Her position on the first panel is sometimes mixed up with Deborah Meaden, who became one of the programme’s most recognisable investors but joined later. Elnaugh appeared in the first two series, while Meaden joined the regular line-up in the third series.
The original panel established the show’s early identity: entrepreneurs had to make a concise proposal, explain their valuation and defend their numbers under questioning. A Dragon could make an offer, negotiate jointly with another Dragon or decline to invest.