The role of blockchain in shaping innovation and global markets
In this interview, Rebecca Jovicevic, a venture capital investor specializing in blockchain, shares her insights on the transformative power of blockchain technology, its diverse applications, and future potential. She also discusses strategies for fostering innovation in Serbia’s tech ecosystem, the importance of global perspectives, and her experience navigating the male-dominated tech industry.
Rebecca, you are a senior member of a $2B venture fund headquartered in NY at age 25 and have experience sitting on boards of tech companies. How did that come about?
I knew I wanted to be part of an environment centered around innovation and open to new ideas and change—qualities that define the US tech ecosystem. It’s also where meritocracy takes center stage, and young people are given opportunities to prove themselves. That’s exactly what happened to me. Coming from Europe, my reasoning for joining a venture firm was to gain a bird’s-eye view of the ecosystem and rewire my thinking by surrounding myself with brilliant founders.
Your fund focuses on blockchain technology. Can you give us an overview of how the technology works? What is blockchain technology used for today? Where will we see it applied in the future?
Blockchain technology is essentially a decentralized digital ledger that publicly records transactions across a network of computers to ensure transparency and immutability. Unlike traditional databases managed by a central authority, a blockchain distributes data across multiple nodes, making it resistant to modification or fraud. Each block in the chain contains a set of transactions, and once validated and added, it becomes a permanent part of the ledger that cannot be altered retroactively without consensus from the network.
Think of each block as a cup into which you can place any data—from records of real-world assets to digital versions of the dollar. Once the data is securely placed inside the cup, it becomes part of an immutable chain that everyone can see, but no one can alter. The asset being on the chain makes it tradable, which makes it liquid. Blockchain unlocks copious amounts of liquidity in the market, especially through the tokenization of real-world assets.
Today, blockchain can be applied across almost every industry. Technically, it has the potential to be used in areas like supply chain management for tracking goods or in healthcare for securing medical records. However, where technology truly found its footing is in financial services. Stablecoins are a prime example: they now account for nearly 30% of global remittances, and their transaction volumes are approaching the scale of Visa. The acquisition of Bridge by Stripe strongly indicates how mainstream this technology is becoming. Blockchain’s ability to tokenize real-world assets will be pivotal in unlocking liquidity and creating more accessible markets. At the same time, advancements at the intersection of AI and blockchain are laying the groundwork for entirely new value transfer and governance systems.
Blockchain technology’s ability to tokenize real-world assets is pivotal in unlocking market liquidity and advancing financial accessibility worldwide
How can blockchain technology be implemented in Serbia, for example?
Just to name a few, blockchain technology could be used to securely record every individual’s vote, ensuring anonymity while preventing fraud during election season. It could also be employed to track agricultural products from farm to table, bolstering Serbia’s reputation in European markets and instilling confidence among international trade partners in the quality and authenticity of Serbian exports.
Another use case could be the introduction of a national stablecoin that would streamline cross-border transactions, particularly remittances sent home by Serbia’s diaspora. This would deliver faster, more affordable transfers and reduce reliance on intermediaries. Taking it a step further with a yield-bearing stablecoin could put Serbia ahead of the curve, embracing a trend set to have mass adoption.
How are the US and European labour markets different in your view?
On a conceptual level, I think the key difference lies in the approach to growth. Europe tends to focus on growth through repetition and refinement of existing models, while the U.S. prioritizes growth through innovation. This cultural distinction trickles down into the labor markets. Europe often operates with a mindset of scarcity, maintaining the status quo, whereas a mindset of abundance and opportunity drives the U.S..
One of the biggest challenges in Europe is the prevalence of ageism. Professional growth is often tied to a rigid hierarchy based on time and seniority—the belief that the older and more experienced you are, the better you are at your job. In the U.S., especially in the tech industry, there’s a willingness to take a chance on young talent, which creates a much more dynamic environment.
Another major difference is how job security is handled. In Europe, the difficulty of firing someone can lead to complacency in the workplace, as there’s less pressure to perform or adapt. It also makes it harder for new talent to enter the workforce.
What role can government policy play in fostering a thriving start-up ecosystem in Serbia?
A stable legal environment with efficient dispute resolution mechanisms, open data initiatives, and regulatory sandboxes coupled with an easy and affordable process for setting up a business is the foundation for setting up a thriving tech ecosystem in Serbia.
Serbia could take it a step further and allocate a small portion of its budget to establish a national venture capital fund —similar to Enterprise Ireland— that not only provides financing and grants for startups but also acts as a centralized hub connecting businesses with government resources such as funding, loans, and expert advice.
The government could also facilitate partnerships between leading universities such as Stanford or incubation hubs, bringing their standards and networks to the country.
What advice would you give to Serbian founders looking to break into the global tech scene?
My advice is to seek perspective. Gaining perspective always has a net positive impact on decision-making—it can either confirm your thesis or prompt you to adjust your course. Either way, it provides a fuller picture, enabling better decision-making and often uncovering new frameworks for thinking about things.
Seeking perspective outside of Serbia is also essential for practical reasons. Serbia’s relatively uniform society can create confirmation bias, particularly for consumer-facing products, limiting your ability to validate your ideas objectively. Additionally, if you’re aiming to raise venture funding, achieving scale is essential—and scaling is achieved by tapping into larger markets.
My advice is also to constantly question the status quo, not accept things as they are, and push to find better ways of doing things. Along the way, build or join communities, whether online or in person. At the end of the day, tech is a relatively small ecosystem of people who value collaboration, and the compounding network effects cannot be overstated.
Also, don’t be afraid to share your ideas. The belief in Eastern Europe that someone will steal your idea if you share it is a misconception—the feedback you receive from sharing is far more valuable than “secrecy.”
Find ways to showcase your abilities, participate in hackathons that put you on a global stage, and always be prepared for opportunities by having your travel documents in order. Finally, start. Everything takes longer than you expect.
Serbia’s tech ecosystem could thrive with strategic policies, including regulatory sandboxes, national venture capital funds, and strong connections with the diaspora
How can we best leverage the diaspora today – what relationship should we have with them?
The best way to leverage the diaspora is to tap into their global perspective. Take the best practices they see abroad and find ways to bring them back to Serbia.
At the same time, it’s crucial to build a strong sense of community and connection for them while they’re living abroad through bilateral organizations, agencies, and consulates. Equally important is creating an environment back in Serbia that welcomes change and new ideas, so if members of the diaspora choose to return, their possible contributions will be met with openness and support, ultimately resulting in the country’s growth.
Tech is a male-dominated industry – how do you navigate it? What steps can be taken to encourage more women to pursue tech and venture capital careers?
While it’s true that tech remains male-dominated, it’s also fundamentally meritocratic and results-driven. It moves fast, and outcomes measure success. Did your venture firm deliver strong returns? Has your company found product-market fit? Results speak louder than pre-conceived notions, and over time, quality of thought and execution naturally override any gender biases.
My advice to women—or anyone—who wants to enter the industry is to start young, find people within the industry you admire, go to them with specific questions, be infinitely curious and humble, have opinions, even if contrarian ones, but always be prepared to back them up with facts.
When deciding whether to pursue a path as an investor or an operator, take the time to break down what you’re optimizing for granularly. Consider the hours you’re willing to work, the kind of people you want to surround yourself with, and how much risk you’re comfortable taking. Map out the possible outcomes based on these answers. Most importantly, don’t get caught up chasing external validation. It’s far better to be directionally correct with a long-term perspective than to jump on whatever trend or advice is popular.