Teams in Virtual Facility can have multiple uses, the easiest way to describe a team is a "collection of users you wish to have a similar experience with the data".
To create a team, navigate to Settings > Teams > Create Team.
A unique team name is required. Location selection is not required. If you do select a location, when you go to create lenses for this team, this location will be prefilled (still editable).
Once you have added your members, select Create. Be sure to add yourself to the team so that you have the ability to create team lenses.