Hey, thanks for sharing your observations, this is one of the most realistic take on making business here on HN I've read in a while, really great info.
There was one partnership that did work. Primarily I suspect due to lack of "Ivy league" connections: Steve Jobs/Woz. Two very naïve but smart people lacking the not yet tainted by the ivy leaguers created an empire built on good foundation. Albeit Jobs could have been nicer ;) I worked in his environment and he was scary as you see him on shows dramatized or not. Met him in hallways/cafe.. he never ever smiled but did worship him. He knew what to steal, how to exploit then productize to make people happy. Honestly, 90% of the products he facilitated would never have seen the light of day. Case and point: Xerox's mouse and desktop.