Israeli startups incubate in Tel Aviv, prove their concept, then move to Europe to scale — and never come back. This episode unpacks why, focusing on the EU's passporting framework. Under PSD2 and MiFID, a single regulatory approval in any EU member state opens a market of 450 million people. In Israel, that same approval means nothing: companies face fragmented regulators, separate licensing processes, and a market of just 10 million. The math collapses. We explore the boomerang problem, the "What's Good for Europe is Good for Israel" reform, and whether mutual recognition with the EU could finally fix the gap — so Israelis can use the technology their own country invented.