Third world is that part of the world that has developing countries located in Africa, Latin America and Asia.  Third World Development consists of an increase in socio-economic condition from a lower to a more desirable state of Development challenges are barriers, setbacks, problems and threats that make it difficult for the countries in the Third world not to move from a lower socio-economic condition to a higher one. A millennium consists of 1000 years.  So the Third World Development challenges are perspective and take a very long time.  The Role of Researchers and Academics is to continue to search again and to take cursory looks on phenomena of interest.  The phenomenon of interest in this paper is to find out how the Researchers and Academics in the Third World Countries can devise ways to cope with their management challenges so that the prospects of their development in the millennium will be bright or very bright.