The Lambda Cloud team has introduced a new feature that allows users to invite their team members, centrally manage billing, and view each team member's monthly spend. This feature enables collaboration among teams on projects, startups, or even class projects, while maintaining individual logins and shared resources under one team account. The Team feature includes multiplayer Jupyter Notebooks, resource sharing, reduced administrative overhead, and a single account for viewing team resources and usage. To create a team, users can navigate to the Team tab, invite members with specific roles, and view pending invitations on the Team page. Admins can manage billing, change the team name, and track usage information under the "usage" tab in the sidebar navigation.