Or...
Try to build any product that offers larger amount of free evaluation period.
If before 1 year, you have $paid_customers > 100.000, continue, go on, otherwise, just kill it.
Also there is more services in AWS, than EC2 and S3.
Only exploring them gives plenty of ideas... machine learning, transcoding, no- and sql scalable databases, mailing or dns services, world-wide advanced networking and delivery, etc, etc, etc... on an scalable and elastic way, high composability and awesome APIs and docs.
wtf, even you can use that money on yourself, purpose it for your own self-learning of AWS... put your $idea on world-wide high availability, automating all the AWS integrable components, and provision it thinking about time zones and world-wide timezones, usage peaks, etc.
Any ideas related to social-network-effect, or massive concurrency, are nice with an "elastic" architecture. For example, build a game that you can play from different social networks!
Last, if you're free to choose where the money goes, in your situation I could donate a some part, to my favorite opensource projects and supporters. Should feel good.