When I try to configure a new team in Continuum, I am unable to add assets (other than users) to that team.
For example: my new team name is V1Kings, I've added the team, added a new user to this team thedevopsguru and created a new project.
When the project wizard comes up, the new team name is not an option in the team drop down.
A good description of how Teams are used and configured can be found here: https://community.versionone.com/Continuum/Administration/Security/Access_Control
When a user is added to a team the user must log out and back in again to have the new team stored in the session. At that point, the team will be available to be selected in the team drop down when creating/editing a project or other asset.