You can do this too! Below are the materials I used and how I went about creating the pinboard.
Take the piece of wood and cover it with the matting. Staple it behind the board about 2" from the edge all the way around. Be sure you get a board that is thick enough that the staples won't go through the other side (my mistake but survived it). Then take your fabric and wrap it over the board/matting. Staple it on the back to secure it as you did with the matting. Next, measure out your ribbon and create a pattern of your choosing on the board. Once you have laid out the pattern which should be woven (this keeps the items in place when using the pinboard) put one ribbon on at a time and staple it on the back to secure it. Be sure to evenly space out all the ribbons by measuring each ribbon you add on. Also make sure the ribbon is tight so it can hold up items. Once all the ribbons are on you can keep it as is or add the furniture tacks for some extra glam!