The VC model is surely older than 'relatively new' and older than industrial companies of the 1900s. One example of the VC model has been around as late as the

The VC model is surely older than 'relatively new' and older than industrial companies of the 1900s. One example of the VC model has been around as late as the early/mid 1800s (or perhaps as early as 1600-1700s) in a different industry. Look up whaling ventures. Probably multiple other, older examples as well.