1. Cut two rectangular sections of fondant about 4" long and 2" tall. Fold both pieces end to end and pinch together, use a tad bit of water to make fondant stick to each other. Crimp pieces together until folds form to resemble bow material. (I had to do this several times before I was satisfied.
2. Cut a smaller piece of fondant, about the size of a postage stamp. Wrap around the crimped centered of the bow, adhere to cake with some water.
Note: You can also make bows by wrapping the fondant around something cylinder shaped, however since my fondant didn't want to stand on its own having a complete rounded shape didn't really matter. Take a look here for the demonstration.