DURHAM, N.H.—All signs indicate that 2020 is likely to be a challenging time for angel investing and the negative impact could be similar to the post 2000 decline and the 2008-09 recession, according to new analysis by the Center for Venture Research at the University of New Hampshire. How lasting these impacts are will likely be determined by a myriad of factors, many of which are beyond the control of the angel investor.