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The Philadelphia Inquirer

Business

Joseph N. DiStefano

China's digital currency could threaten the US dollar. Should the Fed build its own?

US Federal Reserve China United States R3 Philadelphia

PHILADELPHIA — From his office overlooking the Schuylkill River, Paul Melchiorre is puzzling over which new billion-dollar tech giants could rise from this economic slowdown.

A onetime SAP manager, who made the bulk of his fortune building software developers iPipeline and Anaplan, Melchiorre has spread his earnings among a string of tech funds, including LLR, NewSpring, Osage, and Stripes, all firms with local ties, and others.

Can recession spawn big, new, profitable companies? Melchiorre cites past phoenixes: Salesforce rose from the 2001 dot-com collapse and Uber amid the Great Recession.

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