Syllable division derived from spelling — this word is not in the pronouncing dictionary, so no phonetic transcription is shown rather than a guessed one.
blue-sky is an adjective meaning "without immediate commercial value". It carries one recorded sense.
without immediate commercial value
“the company cannot afford to do blue-sky research”
Definitions, synonyms and semantic relations for blue-sky come from Princeton University’s WordNet. Commonness is measured against a corpus of everyday English. Full sources and licences.