Joshua Baer, the millionaire entrepreneur who helped build Austin into one of the nation’s leading technology hubs, died after a private business jet crashed onto a Texas highway, authorities and his company confirmed. He was 50.
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Baer, founder and chief executive of Capital Factory, died on June 16. A NetJets-operated Cessna Citation Latitude crashed near Laredo International Airport after the flight crew reported mechanical problems and requested an emergency landing. Federal investigators have since launched an inquiry into the crash.
The aircraft had departed San José del Cabo, Mexico, and was headed to Austin. It went down on Texas State Highway Loop 20 shortly after 10 p.m. local time. The crash sparked a fire and scattered debris across the roadway. Authorities said five other people aboard the aircraft survived. A motorist whose vehicle was struck by the plane also survived and received medical treatment.
The National Transportation Safety Board and the Federal Aviation Administration are leading the investigation. Officials have not determined the cause of the crash, however.
Baer played a central role in Austin’s emergence as a major technology center. In 2009, he founded Capital Factory. It remains a venture capital and startup accelerator firm that became one of the most influential organizations in Texas entrepreneurship.
Through investments, mentorship, and networking programs, Capital Factory helped launch and support hundreds of startup companies.
Capital Factory Co-Founded Pays Tribute To Joshua Baer
Bryan Chambers, Capital Factory’s president and co-founder, wrote in a statement, “While we are devastated by this unimaginable loss, Josh built an incredibly resilient organization and a deeply capable team.”
His loss hasn’t impeded the company, however.
“Capital Factory remains fully operational, and we are completely committed to continuing his mission of backing unstoppable founders.”
Tributes soon poured in from technology executives, investors and elected officials. Texas leaders praised Baer’s role in attracting investment, supporting new businesses and helping transform Austin into a globally recognized center for innovation.
Baer graduated from Carnegie Mellon University and moved to Austin in the 1990s, where he built several technology ventures before launching Capital Factory. His professional philosophy emphasized helping entrepreneurs succeed and creating opportunities for others.