>"By Kati Hvidtfeldt, Principal Program Manager, Microsoft Dynamics NAV, and former US Microsoft Dynamics ERP Cloud Lead
>
>The cloud is more important than ever before. Despite initial resistance, the cloud business in Microsoft Dynamics ERP has grown exponentially. From non-existence we’ve moved to strong performance, with more than 120 active US partners and 60% CAGR on revenue over the four years since we started. "
>
>Is 60% annual growth exponential?
>I guess it is if the exponent is less than one.
>If that's the case, isn't all growth exponential?

Compound interest and CAGR are examples of exponential growth. She's saying revenues can be described with a 60% APR increase compounded annually.

Probably the actual chart of revenue growth is not smoothly exponential but an exponential curve can be fitted.

Not all growth is exponential, check the Wikipedia article.

Also, like bacteria in a Petri dish, exponential growth can't continue indefinitely, resources run out (e.g. customers).