How about making a pot-holder or place mat and bind it with the ribbon and throw it in the wash a couple of times.
I know that making test pieces/samples are kind of a bother, but if it works out well, you still have usable item, and if it's not the best idea one's ever had, one isn't out a whole lot of money and time.
As some of the others have already said, some ribbons shrink a LOT.