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About Google Page Rank
The patent is assigned to Stanford University. Google has exclusive license rights from 2005 that were sold to Google for $336 million.
PageRank is a way of measuring the importance of a web pages on the Internet.
In simple language PageRank is determined by the number of web sites linking to your web site. But it is not that simple. Every web page with link of your web site give the vote for your site, but all votes don't have the same importance. The vote importance depends of the PageRank of the site that have link of your site.
Page Rank is important for your web site because it directly effect of the placement on web search engines. It is not the only thing that effect on position of your site on search engines but is very important. The higher PR you site have the higher it gets on results of search engines.
Other things that effect of your site position are keywords, age of the site...
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