The status light blinking red and blue means that the Dropcam Pro is having trouble locating the Wi-Fi source. This can be caused by it being too far away from the source or having obstructions between it and the source. To fix this problem, try moving the Dropcam Pro closer to the Wi-Fi source and removing any large obstructions that could interfere with the signal. For additional help, check the troubleshooting guide here.
The Dropcam Pro is most likely not receiving power or the status light is disabled in settings. First, make sure that the cord is fully plugged into the camera and into the power source. Then, plug your camera into a computer to install Dropcam's software to access its settings. In the settings, you will find an option for disabling or enabling the status light. Make sure that the status light is enabled. For any more issues, refer to the Nest Dropcam Pro Troubleshooting Page here.