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Why is open-source important?

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Well recently I saw a question in Quora, asking "Why should we go for open-source? Other developers can steal our code." So, here I am trying to answer this question to the best of my capability. This would be a short and precise one. So, why should one go for open-sourcing their code which they have spent maybe hours or days or months coding. So when you open source your project, you expose your code's vulnerable side to other developers. Other developers will look into your code. They might try them out for themselves and then point out bugs. This will help you debug faster. Some might even provide you with a much better approach to the problem (an optimized one). This will eventually lead to your personal benefit. When you open-source your project, or a part of your project, you actually tell the world that you have found the solution to a particular problem. Later on if someone else also stumbles upon the same problem then he/she can quickly visi