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What do you think about reading academic papers and posting distilled versions to a blog?

How about doing a reading course with a professor-friend of yours?

I never considered either of those, actually.

I think reading & interpreting results from academic papers and posting 'distilled' versions to a blog would actually be pretty good, especially since I'd (hopefully) get some constructive criticism out of it as well.

I can second this. When I learn about new topics I like to blog about them (betterexplained.com) to help cement what I've learned, and have a way to relearn (in my own words) a topic once I've inevitably forgotten. I think you'll find this rewarding for yourself and others.

a lot of journals accept reviews also! and they have revenue models as well! :)

I've considered the first option for myself, actually. Would it provide actual value for people or just be perceived as blogspam?

If you actually understand the paper, and can communicate that understanding, it will definitely be useful.

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