If you've ever used Twitter, then you'll be familiar with this relatively recent Google+ addition. Use a pound sign followed by a word to create a hashtag. Use it for common keywords or search terms. Google+ will turn it into a link which when clicked will search for all posts with the tag.
Initially, Google seemed reluctant to add hashtags, with some employees saying that they were unintuitive and a poor replacement for a good search. But people used hashtags on Google+ despite the lack of support and about two weeks ago, Google rolled out an update including improved search and hashtags.