The original goal of having Public enterprise was to coordinate with the national policy, to satisfy people's demand, to provide sufficient, inexpensive products or services, and thus to achieve its duty of having a stable society. However, as the significance of this historical responsibility gradually decreases, the call for commercialization and privatization becomes stronger, hoping to use the commercialization business model to improve state-run enterprise’s inefficient management and therefore increase well-being of the society. The representative innovation theory of this research was found using the business model which Gary Hamel advocated, along with some related literature and analysis. It also referenced other Public enterprise business model, doing comparative analysis on various companies and putting together their successful experience. Through in-depth interviews with some experts, the structure and content of this research was revised, reorganized, and concluded, helping the Taiwan Water Corporation to establish its core competitiveness and its management position and attribution. By constructing a new business ideal and creating a rich and the multiplex management style, the Taiwan Water Corporation finance structure can be improved, which would allow the Taiwan Water Corporation to gain an advantage in the competition. In this research, innovation business models are analyzed according to their “Product innovation”, “Service innovation”, “Marketing innovation”, “Brand innovation” and “Organization innovation.” Among all these innovations, the multiple-angle strategy in “Product innovation” and its output of each extensible product and core technologies can most effectively improve the management of the water company. The experience economy as discussed in the “Service innovation” may change the negative impression people have on The Taiwan Water Corporation, so as to create a good image for the water company. This, along with “Marketing innovation” and “Brand innovation,” can not only create a profit mechanism but also enhance the value of the enterprise. The level at which the “Organization innovation” is involved with is more complex, and it is more suitable to start with departments within the organization that accept changes. Successful experience may act as the motivation for innovation reform and bring more opportunity for the organization to be successful.