Since I don't know your current environment in which projects are being carried out (Agile/Predictive/Hybrid), I would call it PoC that your team is planning to do to get the buy-in of the business.
In a typical Agile environment, if the team wants to do an experiment then instead of regular (2/3/4 weeks of iteration) they do 1 week of iteration which is called 'Spike'.
As the PM, I would suggest that you should also be part of this initiative to facilitate the conversation between the team and the business stakeholders. Again, before taking on the initiative its better to cross train other team members as well to eliminate the dependency on one single person.