The significance of a diverse tech team in product development lies in its ability to foster innovation and enhance creativity. A team with varied backgrounds brings different perspectives, which can lead to more comprehensive solutions and products that resonate with a broader audience. Diverse teams are also better at identifying and solving user experience issues, resulting in more inclusive and user-friendly technologies. Furthermore, they typically reflect the diversity of the market, allowing companies to better meet the needs of their customers, ultimately driving business success and market competitiveness.