Don't ever buy a variable annuity.

1. Some forms of oil and real estate investments, in some states, can be a significant tax deduction. Otherwise consider saving this money for future tax benefits or new opportunities.

2. Get involved in the community where you want to work with angels. It looks like you've already started. People make angels, not a brand.

Go to YC demo days http://ycombinator.com/dday.html

If the $50k is more than 1% of your liquid assets you should consider short-term investments until you're in a position where angel opportunities find you.