Often the worry is that code is not ready or perfect enough to be made Open Source. In fact the code only needs to be 'good enough'. Open Source is all about community and participation. To paraphrase Eric Raymond 'getting enough eyeballs to improve the code'. The idea is to share your efforts so that others, with ideas and skills you cannot anticipate, can use the code for any purpose they have and feed back their own work into the project. In that way the project can develop in rapidly and be very high quality, like Linux, Firefox etc..

Community and Participation.

Here is a nice presentation on the community aspects of OSS projects from OSSWatch.