This document provides an executive briefing on how telecommunications companies can translate new capabilities enabled by network functions virtualization (NFV), software defined networking (SDN), and distributed compute into new revenue growth. It defines the concept of "Telco Cloud" as the adoption of virtualization technologies and cloud business practices. The briefing estimates that a converged telco operator could potentially increase revenues by 10.5% by 2021 by launching new network-integrated services enabled by Telco Cloud, with the majority of new revenue coming from connectivity services and new digital services.