In recent years, researchers and policymakers have become increasingly interested in identifying the factors that explain the success or failure of innovation efforts. Recent studies around the world use the concept of a national innovation ecosystem, and identify several key factors within this ecosystem that influence the emergence of innovation. The purpose of this article is to evaluate the extent to which the Israeli practice, which has led to notable results, is actually in line with the perception presented in literature. The analysis is based on in-depth interviews with 25 leaders who shaped Israeli innovation processes over the past two decades, from government, academia and industry. The findings show that the Israeli practice is explained by the same factors as shown in world literature, but an evaluation of the relative importance of each factor reveals quite surprising results. The contribution of main factors such as Government and Academia was evaluated as moderate, while the contribution of Culture was considered as major. This may be explained by the possible influence of the evolutionary and dynamic nature of the innovation ecosystem, where the nature of the contribution of each factor changes during the process.