Joshua Baer, chief executive officer of the Capital Factory, speaks at an University of Austin (UATX) event in Austin, Texas, US, on Monday, Nov. 13, 2023. The University of Austin sees a surge in attention as Mideast conflict roils elite campuses. P …
LAREDO, Texas - Joshua Baer, founder of Austin's Capital Factory, has died.
According to multiple reports, he was the lone fatality in a plane crash in Laredo on Tuesday night.
South Texas motorists use sledgehammers, shovels to rescue survivors of fiery plane crash
A twin-engine business jet carrying six people crashed onto a major Laredo highway and erupted in flames Tuesday night, killing one person and sparking a frantic rescue effort as passing motorists rushed toward the burning wreckage to pull survivors to safety.
What they're saying:
Baer founded Capital Factory in 2009 as a mentorship-driven software accelerator, according to the organization's website.
Within a year, Capital Factory became the "most active early-stage investor in Texas" and has stayed that way since. Within three years, the organization became the heart of Austin's tech scene.
Since then, Capital Factory has built multiple funds to help invest in ventures like Intuitive Machines, Apptronik, and Firefly Aerospace, as well as launched a nonprofit, STATION Austin.
Reactions to his death
Some have shared their reactions to Baer's death on social media.
U.S. Sen. Ted Cruz said on Facebook:
"Heidi and I are deeply saddened by the passing of Josh Baer and the tragic plane crash in Laredo.
Josh has been one of the most significant figures driving innovation and entrepreneurship across America. In Texas, he made our state a global leader. His impact was incalculable.
Our prayers are with his family and the others aboard the aircraft."
"Saddened by the untimely passing of my friend, Josh Baer. A great entrepreneur—he was a driving force through Capital Factory in Austin's tech story, helping make us the dynamic, international city we are today. Concern for wife Amy, their children, and condolences to the extended Capital Factory family."
"The passing of Josh Baer is a huge loss for Texas. He was a disruptor, a brilliant innovator, and had immense enthusiasm for helping others succeed. My sincerest condolences to Josh’s family, friends, and the @CapitalFactory team. He will be greatly missed by me and my staff."
FOX 7 Austin has reached out to Capital Factory for a statement and is awaiting a response.
Laredo plane crash
The backstory:
A twin-engine business jet carrying six people crashed onto a major Laredo highway and erupted in flames Tuesday night, killing Baer and sparking a frantic rescue effort as passing motorists rushed toward the burning wreckage to pull survivors to safety.
The Cessna Citation Latitude twin jet, operated by private aviation company NetJets, went down shortly before 10 p.m. along Loop 20 near the Texas-Mexico border, according to authorities and flight tracking data.
It was on its way to Austin from Los Cabos International Airport in Mexico.
Dashcam footage captured the dramatic final moments as the aircraft careened down the highway, striking a light post before slamming into a barrier near Laredo International Airport. The impact nearly sheared the plane in half, ripping the tail from the fuselage and leaving the jet tipped on its side.
Witnesses described a scene of immediate chaos as drivers left their vehicles to help.
No injuries were reported among people on the ground, though five responding police officers were hospitalized for smoke inhalation.
The Source: Information in this report comes from Capital Factory, social media posts by various public figures and reporting by FOX Texas Digital