In order to pick a unique team name you should involve all the stakeholders and remember to consider the image you want to portray. You can use acronyms or pick a clue from the pop culture in developing a unique name.
Include all the team members while coming up with the team name. This involves having a brainstorming session where the team members come up with a list of possible names and then vote to decide on the official team name. You should consider the image you want to project while narrowing down the list of possible names; this is because names show the type of team you are and the nature of the event. Including the sponsor in the team naming process acts as a sign of respect and is a way of getting some outside insight into the matter.
Personalizing team names is usually better than using general names. You can use the first initials of the names of the team members or make an acronym out of a common word like 'win' to come up with a unique name that means something to the team.
Coming up with a unique name can also be done by finding a movie, a song or a quote that the team loves and then using it either without changing it or by modifying it to come up with something new.