Building teams and promoting collaboration are two very common business activities. An example of these are seen in the TeamingForFunding problem, where research institutions and researchers are interested to identify collaborative opportunities when applying to funding agencies in response to latter's calls for proposals. We describe a novel deployed system to recommend teams using a variety of Artificial Intelligence (AI) methods, such that (1) each team achieves the highest possible skill coverage that is demanded by the opportunity, and (2) the workload of distributing the opportunities is balanced among the candidate members. We address these questions by extracting skills latent in open data of proposal calls (demand) and researcher profiles (supply), normalizing them using taxonomies, and creating efficient algorithms that match demand to supply. We create teams to maximize goodness along a novel metric balancing short‐ and long‐term objectives. We evaluate our system in two diverse settings in US and India of researchers and proposal calls, at two different time instants about 1 year apart (total 4 settings), to establish generality of our approach, and deploy it at a major US university. We validate the effectiveness of our algorithms (1) quantitatively, by evaluating the recommended teams using a goodness score and find that more informed methods lead to recommendations of smaller number of teams and higher goodness, and (2) qualitatively, by conducting a large‐scale user study at a college‐wide level, and demonstrate that users overall found the tool very useful and relevant.