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Capital Factory co-founder and CEO Joshua Baer was killed Tuesday night when a small business jet crashed onto a highway near Laredo, Texas, according to the Austin-based startup accelerator.
The crash happened shortly before 10 p.m. on Loop 20 in Laredo after the aircraft reported mechanical problems while attempting to reach Laredo International Airport, authorities said.
Five other people aboard the plane survived and were transported to a local hospital for treatment. None of the injuries was considered serious.
Authorities said the aircraft also struck a moving vehicle as it descended. One person in the car was hospitalized.
Video from the scene showed emergency responders and bystanders helping pull passengers from the burning wreckage. Five Laredo police officers were also taken to a hospital after suffering injuries during rescue efforts.
Laredo’s Mayor says the heroic efforts of first responders and the public helped to save lives.
“There were police officers and firefighters who put themselves in harm’s way and risked their own lives to reach the aircraft and rescue passengers,” said Laredo Mayor Dr. Victor Trevino in a press conference on Wednesday.
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The aircraft, a NetJets-operated Cessna Citation Latitude, had departed San José del Cabo, Mexico, and was originally headed to Austin before diverting to Laredo.
According to Laredo police, the plane lost contact with air traffic controllers before crashing about 2.5 miles short of the runway. Flight tracking data showed the aircraft descending toward the airport before its signal disappeared at roughly 600 feet above the ground.
“The mechanical issues that they reported could be anything from engine and propulsion system issues, electrical systems, fuel system, or aircraft maintenance issues. So, there is a wide variety of potential problems that may have occurred,” said Andres Pereira, senior attorney with DJC Law.
In a statement on Wednesday, Capital Factory confirmed Baer’s death and described him as a driving force behind Texas’ technology and startup ecosystem.
“It is with profound sadness that Capital Factory announces the tragic passing of our Co-Founder and CEO, Joshua Baer,” the company said.
For more than two decades, Baer helped entrepreneurs launch and grow businesses across Texas. Under his leadership, Capital Factory became one of the state’s most influential startup incubators and venture networks, connecting founders with investors, mentors, and corporate partners.
“Josh was a fearless leader, a brilliant partner, and a dear friend to so many of us,” Capital Factory President Bryan Chambers said in a statement. “While we are devastated by this unimaginable loss, Josh built an incredibly resilient organization and a deeply capable team. Capital Factory remains fully operational, and we are completely committed to continuing our mission of backing unstoppable founders.”
Federal investigators from the National Transportation Safety Board (NTSB) and the Federal Aviation Administration (FAA) are on-site and are starting their investigation into the cause of the crash. Local officials said the aircraft experienced mechanical issues before going down.
“They will sequester all of the physical remnants of the aircraft. They will obtain the mechanical records, the information regarding the pilot and the first officer, and all of their training records. They will go through a very careful investigation that generally lasts up to two years,” said Pereira.
Every aspect of the flight will be analyzed, including the weather, the crew, and the aircraft itself. In addition, the cockpit voice recorder and the data recorder will be used in the investigation.
Capital Factory said it will not comment further on the circumstances of the crash while the federal investigation remains active and asked for privacy for Baer’s family and loved ones.
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