Coutts graduated from University of Waterloo in 1964 with a Bachelor of Applied Science Degree in Electrical Engineering.
In 2000, Coutts donated an estimated $7 million in shares to the University of Waterloo, as his tribute to the school.
Coutts was the founder of Teklogix International with four other young entrepreneurs: Lawrie Cragg, Al Vanderburgh, Cliff Bernard and Pete Halsall.
Coutts met the other Teklogix founders while working at Ferranti International's Canadian division, Ferranti-Packard Electronics.
He worked closely on drum memory associated with the early warning radar system for North America.