First authorized by Congress in January 2014, P3 allows a limited number of local projects that are focused on youth to align and better coordinate federally-funded programs and services. Although focused on a particular subset of youth -- those who are disconnected or at risk of becoming disconnected from education or the workforce -- the program is seen as a possible model for increased federal flexibility. This paper examines the early progress of this initiative. It is based on a review of project grant applications and performance agreements, interviews with six of the first round pilots, and interviews with federal officials overseeing the program.