An example of something bleeding edge is software with a high risk since it may not relate to existing technologies and it may not have had a lot of testing.
(plural bleeding edges)
A reference, cutting edge, to the edge of a sword.
bleeding edge - Computer Definition
A pun on "leading edge." It implies that using the latest technology is often risky because it has not been tested with enough users and may not perform as expected. Introducing an advanced product or service is also risky because the user community may not be ready for it or really want it. See leading edge and pushing the envelope.