The recent acquisition of application Waze by search engine giant Google is said to place Israel back on the map as a new player in the online innovation market.

The country's high technology sector saw an abundance of companies that served other larger businesses. Examples of this are chip manufacturers, and computer gear producers which supply to Asian computer and technology firms.  However, the trend has changed and Internet and mobile companies have overtaken the local startups in Israel. Many of which are global success stories.

"There's definitely a shift that Waze has done a great deal of emphasizing," stated Nir Zohar, president and chief operation officer of Wix, a personal website developer.

"I would assume that we will find more foreign investors coming to Israel to invest in Israeli entrepreneurs," he continued.

Wix recently filed for an initial public offering worth US$75 million shortly after Google's acquisition of Waze.