This paper explores the pivotal role of open source software (OSS) in advancing software engineering technologies and catalyzing their adoption at scale within industries. We analyze how the OSS model promotes rapid innovation, transparency, collaboration, and economic efficiency, and examine real-life case studies of industrial adoption. We underscore the role of OSS in bridging the gap between research and practice, aiding in the translation of research findings into real-world applications, fostering academia-industry collaboration, and promoting continuous learning and skill development. Furthermore, we discuss the future prospects of OSS in software engineering, touching upon its role in emerging technologies, its governance, its potential in enhancing security, and its contribution to sustainability. Our analysis illustrates that OSS has played an integral part in reducing the divide between research and practice, accelerating the journey from idea to impact, and shaping the trajectory of software engineering and industrial landscapes.