Open-source projects are significant for developers as they promote collaboration and community-driven innovation. They allow developers to access a wealth of shared knowledge, improving coding skills and facilitating learning through real-world projects. Contributing to open-source enhances visibility in the developer community, creating networking opportunities that can lead to career advancements. Moreover, open-source projects foster creativity by allowing developers to experiment and modify existing code bases. This culture of sharing supports the growth of technology and encourages diverse contributions from a global talent pool.