In a small bowl, bloom the gelatin by combining the water and gelatin. Stir to completely hydrate the gelatin, then set the mixture aside for at least 5 minutes.
After 5 minutes, melt the gelatin mixture in a microwave for 30 seconds. Alternatively, place the small bowl in a larger bowl with hot water, and stir until the gelatin melts.
In a large mixing bowl, sift in 1/2 of the powdered sugar; then add the corn syrup, glycerin, clear vanilla extract, shortening, and melted gelatin and immediately stir with a wooden spoon to combine into a smooth batter.
Sift 1/2 of the remaining powdered sugar over the mixture and combine using a wooden spoon until the mixture becomes a shaggy mass.
Sift the remaining powdered sugar onto a clean work surface and turn the fondant out of the work bowl.
Gently knead the fondant until all of the powdered sugar has been incorporated. The fondant should be smooth and pliable. Do not over knead the fondant, as it will become very sticky.
Double wrap the fondant with plastic wrap, place it in an airtight container, and cure it overnight at room temperature before using. It will become more homogenous overnight.