Organizations should cap concurrent strategic bets at roughly two to three at a time. This isn't an arbitrary governance rule — it follows from how parallel product work actually behaves.
Doing two strategic bets in parallel does not run at "2x" the speed of doing one — work across bets shares constrained resources and attention. Additionally, much strategic work has construction-style dependencies: later-stage work literally cannot start before earlier-stage work in the same initiative finishes, so throwing more initiatives into flight in parallel doesn't shorten the critical path of any one of them, it just dilutes focus across all of them.
This cap interacts with the focus ingredient of a real strategy — a strategy that "focuses" on five things at once has not actually made the hard choices real focus requires. See also keep-the-lights-on-separately-funded for work categories that sit outside this cap entirely.