Diasporas stand out as an economic or cultural avant-garde of transformation. This is especially true for academic and other intellectual Diaspora communities, because science and knowledge creation are global enterprises. Proclivity of knowledge workers to move in order to improve and absorb transnational knowledge through Diaspora networks might be an essential quality of an emerging national economy of a developing country. The article treats the role of expert Diaspora in knowledge based economy, innovation and talent management. Besides presenting the essentials of knowledge based economy and innovation, it discusses the role of expert Diaspora in science, technology and innovation (STI) capacity building. Also, the article emphasizes the importance of leadership for talent and its implications for Diaspora. Using WEF statistics, it illustrates negative consequences of the sad policy of “Chaseaway the brightest and the best” for innovative capacity, competitiveness, and prosperity of nations.