Hacktoberfest is a month-long celebration of open source during October by Digital Ocean, promoting contributions to various projects on Github. It's an opportunity for first-time contributors to get involved with the community and for experienced developers to make improvements to their favorite projects. Cloudsmith, a software development company, will be participating in Hacktoberfest, contributing to open source projects, and creating issues suitable for both beginners and experienced developers to improve their code and documentation. The company values giving back to the community and providing resources to support open source contributions, such as free repositories and tools for users to get the most out of Cloudsmith.