In 2012, the International Youth Foundation and the Caterpillar Foundation launched EquipYouth to address the challenges young people face when entering the labor force or starting their own business. Implemented over three years the US$11 million initiative will provide 8,500 young people in 12 countries worldwide with market-relevant life and technical skills training along with internships, on-the-job training, and job placement support and services, to increase their employability prospects. Capacity building for local partners and trainers, entrepreneurship development, employee engagement, as well as the implementation of a strategic monitoring and evaluation systems are also integral components of this global initiative.