Team Sky, Belkin, BMC and Lotto-Belilsol are among the 11 founding members of the Velon programme, which is designed to create a new financial model that will help ensure teams enjoy sustainable futures.
The scheme - which represents the first time Union Cycliste Internationale World Tour teams have embarked on a joint venture - has targeted measures such as making cycling more exciting by allowing fans to engage with teams more than ever before.
"Velon's aims are for a coherent season that excites people from start to finish and uses emerging technologies, such as on-bike cameras, that brings fans closer to the action," a statement read.
It is hoped Velon will produce a race calendar that "tells a season-long story", and is "better understood by a growing international fan base, with more entertaining racing for the fans".
Velon is to be underpinned by "sustainable, credible teams the fans can follow now and long into the future" by "creating a new, better economic future for the sport, through collective action and increased co-operation between the teams and other stakeholders".
Dave Brailsford, Team Sky principal, commented: "Collaboration is the cornerstone to positive change and as such this is very exciting for professional cycling and a big step towards the sport reaching its full potential.
"The teams involved in creating Velon have come together with a powerful shared vision to optimise the sport and develop new ways for professional cycling to grow.
"If the teams unite and work collectively with other key stakeholders to make cycling better to watch, easier to understand and get guaranteed commercial support it's to everyone"s benefit and will encourage even more fans to follow the sport we love."
Velon will be headed up by chief executive officer Graham Bartlett, who believes the scheme will provide a bright future for cycling.
"The existing, sponsor-only business model is fragile for all teams," he said.
"We need to change this to a more rounded one with fans at the heart of it, investing in new technological initiatives to generate greater excitement from the races and bring the sport closer to its fans.
"The company will look to use the combined commitment of the teams to create new revenues
"This combined commitment can help to deliver more of what the fans want to see from the sport - exciting races brought to life with great technology.
"What we're trying to build will hopefully create a virtuous circle where it"s easier for fans to engage with the teams and riders and gives the teams even greater incentives to maintain credibility."
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