The emigration of Venezuelan scientists and technologists stemming from the progressive decay of the country in the socioeconomic and political aspects, and the implications of this situation on the future competitiveness of the country are analyzed. The particular conditions of Venezuela as an immigrant receptor country during part of the 20th century are explained, and the most relevant factors affecting the subsequent emigration process as part of that human capital are examined. Data is shown about the behavior of the. US as a receptor country for students, scientists and technologists, and about the number of Venezuelan professionals working in that nation. The data bases of the Scholarship Program of FONACIT is crossed with that of Venezuelan scientists and technologists residing abroad elaborated by the Polar Foundation, in order to find the number of former scholarship holders that settled out of the country. A concluding discussion presents some of the alternatives to face this phenomenon in Venezuela.