Problem: Calhoun Biotech (CB), a small US firm, has developed valuable new medical equipment using its proprietary biotechnology knowledge. Chrysinthia, the founder and CEO, is trying to decide how best to sell its products in the European Union (EU) market. There is a 2.5% tariff on medical equipment manufactured outside of the EU. The cost of opening a manufacturing facility outside of the United States will be a significant hurdle for the small firm, but it is not outside its reach. Chrysinthia and her executive management team are considering the following options: exporting, licensing, joint venture, or foreign direct investment. Given this information, which mode of entry do you recommend for CB? Explain your reasoning for your recommendation. Make sure to discuss the risk vs reward for CB in your recommendation.