Hacktoberfest is a month-long celebration of open source software run by DigitalOcean in partnership with GitHub and Twilio. Participants must submit 5 quality pull requests to public GitHub repositories to earn a t-shirt. Open source software is important because it allows for collaboration and improves software quality through many perspectives. Creating a pull request involves forking a repository, cloning it locally, making changes on a new branch, committing changes, and creating a pull request on GitHub comparing the changes to the original repository.