You can go in for all the three: publications, Patents and technology commercialization to maxmise the research outcomes. But you will have to file a patent first, following which you can publish or form a start up or license it to a third party.
You can also adopt a strategy where if the work is not patentable you can straight away publish it.
A research paper doesnot extend any protection to the invention, when it is licensed as a research paper is not enforceable while a patent is enforceable if registered. The patent is licensable while paper is not.